Belfast Telegraph

ASOS sees value fall by a third

By Graeme Evans

Former stock market darling ASOS lost nearly a third of its value yesterday as a second profits warning in three months triggered a bleak session for internet and fashion retailers.

The latest downgrade, which stemmed from the impact of a stronger pound on international sales, knocked £1.5bn from ASOS's market value.

There were also losses for a number of top flight retail stocks as the FTSE 100 Index dropped 19.3 points to 6799.3 during a session dominated by interest rate decisions in Europe and the UK.

Primark owner Associated British Foods fell 13p to 3035p and Next declined 20p to 6525p.

Outside the top flight, ASOS rival Boohoo.com dipped 5.5p to 44p and Superdry firm SuperGroup fell 42p to 1068p.

Belfast Telegraph

Popular