Asos pays price for being complacent as profits plunge

The boss of Asos on Wednesday admitted the online fashion retailer had become complacent as its profits plunged.

Chief executive Nick Beighton said: “We’re not satisfied with the results. We’re capable of much, much more.”

He said he regretted not introducing enough new own-brand products to its website. But “we’re on that,” he added.

“I wish we would’ve done it earlier in the season. It’s a competitive market. Every month competition gets better and so it should.”

Asos’s pre-tax profits crashed 87% to £4 million for the six months to February 28, despite a 14% rise in sales to £1.3 billion.

But there was City relief as its guidance remains unchanged after a discount war led to a December profit alert.

Shares rose 2.3%, or 74p, to 3224p.