LONDON, April 2 British online fashion retailer
ASOS posted a 22 percent fall in first half profit,
reflecting its move to step-up the pace of infrastructure
investment to meet future demand.
The firm, whose celebrity fans include United States First
Lady Michelle Obama, said on Wednesday it made a pretax profit
of 20.1 million pounds ($33.4 million) in the six months to Feb.
28, down from 25.7 million pounds in the same period last year.
The outcome was in line with guidance issued on March 18
when ASOS warned that accelerated investment in warehousing in
the UK and Germany as well as start-up costs in China would hit
ASOS said the extra costs would be disproportionately borne
in the first half, resulting in a likely first half/second half
pretax profit split of 30 percent/70 percent.
At the time it guided to a full-year pretax profit of about
65 million pounds.
"ASOS is not and has never been about the short-term; the
scale of the global opportunity remains as exciting as ever," it
said on Wednesday.
($1 = 0.6011 British Pounds)
(Reporting by James Davey; editing by Kate Holton)