British online fashion retailer ASOS said it needed to rebuild its once-successful business model after it reported an 89% drop in 2021-22 profit and forecast a loss in the first half, due to a rapidly deflating economy.
The group, whose shares have fallen 80% this year, made adjusted profit before tax of 22 million pounds ($24.9 million) in the year to August 31 2022, in line with guidance that was lowered last month and down from the pandemic boosted 193.6 million pounds made in 2020-21.
