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ASOS Profits Plunge in 'Disappointing' Year

ASOS Profits Plunge in 'Disappointing' Year

Profits at Asos have plunged after warehouse problems led to what the online fashion retailer said was a "disappointing" year, the BBC reports.

Over the last year, Asos has installed more robots in its European warehouses and expanded its facilities in the US.

But the speed of growth hit profits, which dropped almost 70% falling to £33.1m for the year. "With the benefit of hindsight, we were not adequately prepared for the additional complexities," Asos said.

The company said it "lost focus" on key areas like "product, presentation and customer engagement".

"The transformation has been huge and we underestimated the impacts of large scale operational change being executed on two continents simultaneously," it said in a statement.

Despite the drop in profits, sales rose 13% in the year to the end of August. Animal print, broderie and satin styles had been particularly popular, the firm said.

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