Shares soar for online retailer

British online fashion retailer Asos said problems with warehouses in the US and Germany, which were behind a 68% slump in annual profit, were largely behind it, sending its shares sharply higher.

Shares in the firm, which sells fashion aimed at 20-somethings, soared by 24% at one stage, paring year-on-year losses to 36%, after it reported “substantial progress” in addressing its operational issues.