October 16, 2019 / 6:15 AM / 2 months ago

Britain's ASOS profits slump 68% on warehouse problems

LONDON, Oct 16 (Reuters) - British online fashion retailer ASOS reported a 68% slump in full year profit, hurt by problems in ramping-up warehouses in the United States and Germany.

ASOS, which issued its latest profit warning in July, said on Wednesday it made a pretax profit of 33.1 million pounds ($42.2 million) in the year to August 31 - in line with July’s guidance of 30-35 million pounds but down from 102 million pounds made in 2017-2018.

The group, whose shares have fallen 49% over the last year, said it had made “substantial progress” over the last few months in resolving its operational issues.

“Whilst there remains lots of work to be done to get the business back on track, we are now in a more positive position to start the new financial year,” said Chief Executive Nick Beighton. ($1 = 0.7836 pounds) (Reporting by James Davey; Editing by Muralikumar Anantharaman)

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