Asos has warned that profits could slump to as little as £20m this year, down from over £190m last year, as cash-strapped customers hit by rising inflation return more items to the online fashion retailer.
The warning, which was given in an unscheduled trading update, prompted a sharp sell-off of Asos shares, which hit a 12-year low. The share price fell close to £8, compared with £59 in March 2021, when the company benefited from a surge in online shopping during the Covid-19 pandemic.
