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Asos second quarter disappoints

Asos second quarter disappoints

Asos (ASC) shares fell after second-quarter numbers fell short of consensus estimates, reflecting sluggish growth in the UK and Europe, and logistics issues in the US. At constant currency, sales across the Atlantic dropped 3 per cent following issues with distribution, which chief executive Nick Beighton claimed was the result of demand outstripping supply. While this is “very encouraging” in the long term, Mr Beighton says it caused “a significant short-term despatch backlog”. Delayed shipments will be disclosed in the third quarter, although the group says US trading has regained momentum.

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