Online fashion retailer Asos reports first-half loss as shoppers cut back

Asos and rival Boohoo grew rapidly in recent years as 20-somethings around the world snapped up their fast fashions, and demand surged again during the pandemic when high street rivals were closed.

At the statutory level, Asos reported a first-half pretax loss of £291m, including £204m of one-time items relating to the overhaul of its business model. Pic: Chris Ratcliffe/Bloomberg

Asos, the fast fashion online retail company, swung to a first-half loss, hurt by a squeeze on household budgets and elevated product returns but said it was confident of a return to profit in the second half.

The group, which announced a major restructuring last October, said it made an adjusted loss before tax of £87.4m (€100m) in the six months to February 28, versus a profit of £14.8m in the same period last year.