Asos
Revenue £975m UK revs £372m
I hate to say we told you so, but we did rather tell you so. Shares in Asos have plunged from above £70 at the start of the year, falling another 215p to £22.07 after yet another profit warning yesterday.
There is nothing wrong with the company fundamentally, or in its business model, selling fashion goods over the internet to mainly twentysomethings with swift delivery promised. But this is a viciously competitive market, and that £70 share price was never sustainable on any rational grounds.
To give an idea how competitive, boohoo.com, the recent flotation that operates in a similar area, reported on Friday halfway sales up 31 per cent. Asos enjoyed a 33 per cent rise in UK