ASOS has seen a drop in first half profits after supply chain constraints impacted stock availability.
In the six months to 28 February, adjusted pre-tax profit declined by 87% to £14.8 million although revenue increased by 4% at constant currency to over £2 billion.
Revenue in the UK and US was up 8% and 11% respectively in the period. However, trading in the EU was more subdued with growth of 1% as Covid-19 restrictions impacted demand. Meanwhile sales in the rest of the world fell by 10% as delivery challenges continued.
Despite the supply chain issues, ASOS said it performed well operationally in the period with its second half stock position materially enhanced.
It also reported making good progress with its new strategy which is focused on driving a more customer-centric organisation, accelerating the pace of delivery across the commercial function, and increasing the emphasis on data and digital product.
