The retail industry has taken another battering with just under £1.4bn wiped off the stock market value of the sector after Asos raised new fears about consumer spending in the run-up to Christmas by issuing a profit warning.
Days after Mike Ashley, the founder of Sports Direct, had warned that “incredibly bad” trading last month would “smash retailers to pieces”, Asos halved its profit forecast, blaming the weather, discounting and consumer uncertainty.
The online retailer had been forecast to make profits of £119m this year but will likely make only £52m, despite sales rising by 14% in the three months to November 30.
The Times also runs a longer story looking at trouble in retail and exploring whether the ASOS profit warning means that high street’s woes have spread online, a theme which is also picked up by the Guardian.
A second story from The Telegraph explores the troubled run up to Christmas being experiences by online and traditional retailers, and updates in 2018 store closures tracker.
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