Asos Sales Fall Again Amid Turnaround of Fashion Retailer [Financial Post (Toronto, Ontario, Canada)]
ASOS PLC UNSP/ADR (ASOMY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Asos Plc suffered a double-digit decline in sales in the first half as the fashion retailer was forced to heavily discount clothes to clear a buildup of last season's unsold stock. The troubled online clothing retailer said Tuesday that sales fell 18% in the six months to March 3, which was broadly in line with guidance. Article content Asos has been struggling to revive its fortunes since the pandemic when a boom in online shopping receded and consumers prioritized their spending on essentials like food and energy rather than fashion. Article content Shares of Asos rose 6% in early trading in London. The company's share price has more than halved in the past year. Chief Executive Officer Jose Antonio Ramos Calamonte, who has had the top job since June 2022, has previously said Asos needs to focus its efforts on getting the most relevant fas
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