UK fashion retailer ASOS warns of hit to sales

STORY: British fashion retailer ASOS said Friday (September 9) it expects full-year profit to be around the bottom of its guidance.

That after weaker-than-projected August sales.

ASOS blamed pressure on consumers hit by inflation -- and a slow start to Autumn/Winter shopping.

The owner of rival Primark warned on Thursday (September 8) that its customers’ disposable income was declining.

And that higher costs would squeeze its profit margin in the next financial year.

Shares in ASOS were up over 1% in early deals – but have lost around 78% over the last 12 months.

The company said that sales measured in constant currency for the year to end August would rise by about 2%.

That was below market consensus and company guidance.

ASOS said it remained cautious about the outlook for consumer spending but is "managing the business for the current environment."