UK fashion retailer ASOS warns on profit after weak August

LONDON, Sept 9 (Reuters) – British online fashion retailer ASOS (ASOS.L) said sales in August were weaker then expected amid pressure on consumers and its full-year profit would as a result be around the bottom of its guidance.

“After having seen good growth in June and July, sales in August were weaker than anticipated,” it said on Friday.

“This reflected the impact of accelerating inflationary pressures on consumers and a slow start to Autumn/Winter shopping.”

The company said its sales measured in constant currency for the year to the end of August would rise by about 2%, while its net debt would be about 150 million pounds ($174 million), both below market consensus and company guidance.

In June, it forecast adjusted pretax profit for the year would be between 20 million pounds and 60 million pounds.

It said it remained cautious about the outlook for consumer spending but said it was “managing the business for the current environment”.

($1 = 0.8624 pounds)

Reporting by Paul Sandle; Editing by William James and Edmund Blair

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