Asos profits nosedive 68 percent on warehouse issues

For the year to August 31, 2019, Asos plc reported 68 percent decrease in profit before tax to 33.1 million pounds (42.2 million dollars) after transition costs of 45 million pounds reflecting a substantial amount of one-off costs in support of warehouse transitions. The company also incurred 5.5 million pounds of restructuring costs. Asos said that basic and diluted earnings per share decreased by 70 percent to 29.4p driven by the decrease in profit before tax during the year. Asos added that revenues at 2.7 billion pounds (3.4 billion dollars) rose 13 percent or 12 percent on a constant currency basis but conversion remained flat, in part impacted by the warehouse transition issues.