ASOS shares sink despite 27 per cent sales growth

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Shares in ASOS fell more than 11 per cent in morning trading despite the online fashion retailer reporting a 27 per cent rise in first-half sales, with international sales growing by 31 per cent and UK sales up by 22 per cent.

The British company reported retail sales of £1.13bn, and pretax profit of £29.9m.

Chief Executive Nick Beighton said: “Alongside our investment in our people and our technology, we are accelerating investment in our distribution and logistics, laying the foundation for 4 billion pounds of net sales.”

The company said capital expenditure for the full year was now expected to be £230-250m, an increase on the £200-220m it predicted in January.

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