Fashion giant Asos has admitted problems at two of its warehouses will hit profits harder than first thought.
Bosses at the business said getting its Berlin and Atlanta factories up to full speed is proving difficult and pre-tax profits will be less than forecast, between £30m and £35m.
The unexpected news sent shares in the retailer down 12% to 2,429p in early trading.
Twelve months ago, shares were trading at 6,170p, meaning more than £3bn has been wiped off Asos' value in a year.
Speaking yesterday, chief executive Nick Beighton said: "Embedding the changes from the major overhaul of infrastructures and technology in our US and European warehouses has taken longer than we had anticipated, impacting our stock availability, sales and cost base in these regions."