Online retailer Asos warns of hard-Brexit hit

More than a third of British retailers do not know or “really understand” what their businesses need to do to prepare for the end of the Brexit transition period, according to an informal poll. File picture: PA

Online fashion retailer Asos has warned it could face a £25m (€28m) hit from tariffs in the event of a no-deal Brexit, even as it gets a boost from more consumers shopping from home during the pandemic.

Asos disclosed the potential Brexit costs as it reported strong gains in sales and profit following a surge in online clothes shopping during the pandemic. Investors were worried by the retailer’s cautious outlook, however, and its shares fell as much as 12%.