The online fashion giant says sales growth has been held back by warehouse problems in the US and Europe.Read more
A twitter exchange between Ashley Armstrong of the Times and retail export Nick Bubb highlights the changing stock market fortunes of retailing companies in the news this week.
Asos issued its profits warning today while Sports Direct said on Monday it was delaying its results, which were due today.
More on today's results update from Asos. It said that transforming its logistics operations in Germany and the US have been "challenging" but "we are clear on the root causes and are moving decisively to address them".
Though it concedes: "Whilst these issues are short term in nature, we do expect it may take some time to regain and reactivate any impacted customers."
Asos said that its full-year profits will be impacted by £47m of "transition costs" related to ongoing problems with its warehouse facilities in the US and Europe.
It will also incur £3.5m in restructuring costs.
Asos announced back in 2017 that it would open a new ecommerce fulfilment centre in Atlanta - the same year it opened a new warehouse in Berlin.
The retailer said that sales in the EU over the four months to 30 June rose by 5% after being affected by weaker availability of stock because of problems with new software.
It added that US sales growth of 12% was also held back because of stock issues.
In contrast, the UK performed strongly with revenue up 16%. Total sales across Asos rose by 12%.
Asos, the online fashion retailer, has warned that full-year profits will now be between £30m and £35m.
Profits had been expected to reach £55m.
This is because of difficulties with new warehouse facilities in the US and Europe.
More to follow.