{"id":94425,"date":"2023-05-10T08:16:49","date_gmt":"2023-05-10T08:16:49","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2023\/05\/10\/asos-widens-losses-as-shoppers-cut-back\/"},"modified":"2023-05-10T08:16:49","modified_gmt":"2023-05-10T08:16:49","slug":"asos-widens-losses-as-shoppers-cut-back","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2023\/05\/10\/asos-widens-losses-as-shoppers-cut-back\/","title":{"rendered":"Asos widens losses as shoppers cut back"},"content":{"rendered":"
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Asos, the online fashion retailer, has reported big losses after shoppers cut spending and the cost of living weighed on household budgets.<\/b><\/p>\n<\/div>\n

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The company, which owns Topshop, posted a loss of \u00a387.4million in the six months to the end of February, compared with a profit of \u00a314.8million in the same period last year.<\/p>\n<\/div>\n

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Trade has been “very challenging” with UK sales down 10% and US sales down 7%.<\/p>\n<\/div>\n

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But Asos said it was confident of turning a profit over the next six months.<\/p>\n<\/div>\n

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The group, which announced a major restructuring in October last year, had previously said it expected losses, partly due to the need to cut prices to reduce inventories.<\/p>\n<\/div>\n

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But the latest losses come on top of the \u00a332million suffered by the company in its most recent full-year results.<\/p>\n<\/div>\n

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Asos and some of its competitors are seen as the poster children for the shift to online shopping. The company benefited during the pandemic from blocked shoppers, mostly younger adults, wasting their money online.<\/p>\n<\/div>\n

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But as high street shops reopened and the cost of living rose with it, customers’ purchasing power was hit and households had to contend with higher energy and food bills.<\/p>\n<\/div>\n

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Asos chief executive Jos\u00e9 Antonio Ramos Calamonte said that despite the losses, he was pleased with the operational changes the company has made over the past six months, amid what he called “some very challenging trading environments”.<\/p>\n<\/div>\n

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In the UK, Asos said while sales were still above pre-pandemic levels, trade had been “volatile from month to month” and suffered most in September, reflecting “negative news related to the cost of living\u201d in December as a result of postal strikes.<\/p>\n<\/div>\n

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Outside the UK, US and Europe, rest of the world sales fell 12% in the six months to the end of February.<\/p>\n<\/div>\n

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Adam Vettese, an analyst at social investing network eToro, said Asos was unfortunate that the cost of living was reaching its target group of “fashion-conscious 20-year-olds”.<\/p>\n<\/div>\n

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\u201cNot long ago, Asos was seen as the future of retail in this country, but it’s been a long time since the company lived up to that claim. Ironically, online-only retailers like Asos and BooHoo should be the finale.\u201d \u201cIt’s a nail in the coffin for brick-and-mortar retailers, but the high street is fighting back in the wake of the pandemic,\u201d he added.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Asos, the online fashion retailer, has reported big losses after shoppers cut spending and the cost of living weighed on household budgets. The company, which owns Topshop, posted a loss of \u00a387.4million in the six months to the end of February, compared with a profit of \u00a314.8million in the same period last year. Trade has […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-94425","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nAsos widens losses as shoppers cut back - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2023\/05\/10\/asos-widens-losses-as-shoppers-cut-back\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asos widens losses as shoppers cut back\" \/>\n<meta property=\"og:description\" content=\"Asos, the online fashion retailer, has reported big losses after shoppers cut spending and the cost of living weighed on household budgets. 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