Fashion retailer Asos employs thousands of people at its giant warehouse in Barnsley where all of its products are sent for processing before being sent out for delivery to British customers.
AdvertisementThe company added: “Asos retains a strong liquidity position and this is a prudent step in the current environment.”
It comes two days before the e-commerce firm is set to reveal its trading figures for the past year to August.Last month, Asos revealed that profitability would be towards to bottom of targets after sales fell below expectations in August amid clear signs customers were tightening their belts.The latest fall in Asos’ stock means the company has seen its share value fall by almost 80 per cent, or around £1.8 billion, since the start of the year.
Asos, which owns brands including Topshop, is expected to report adjusted pre-tax profits close to £20 million for the year to August 31.Last month, the group said it was witnessing “the impact of accelerating inflationary pressures on consumers and a slow start to Autumn/Winter shopping” after a positive summer.
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