Soaring inflation is increasingly impacting consumers’ shopping behavior worldwide, said Mat Dunn, chief operating officer of Asos.
The warning sent its share price tumbling more than 27 percent in late-morning trading to 8.41 pounds. The shares closed down 30 percent to 8.08 pounds.The company said that gross sales accelerated in the three months ended May 31.
Earlier this year, “we noted that the impact of inflationary pressures was yet to be felt by our customers. What is now clear, based on the significant increase in returns rates that we have seen, is that this inflationary pressure is increasingly impacting our customers’ shopping behavior,” Dunn said.
Lindemann, who joined the Asos board as a non-executive director last November, will succeed Ian Dyson in August. Lindemann is the former president and CEO of Modern Times Group, the Sweden-based digital entertainments business.Asos’ fast-fashion rivalsaid its revenues declined 8 percent in the first quarter to 445.7 million pounds due to tough comparisons with the corresponding period last year when lockdowns were still in effect.
Specifically, the company flagged higher freight costs, and said it continues to increase sourcing from near-shore markets in order to reduce exposure to those costs.
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