Asos plunges to £120m loss as sales nosedive amid turnaround plan

Asos losses widened to £120m in its half year as sales plummeted amid its turnaround plan.
Adjusted pre-tax losses fell by almost a third over the half to 3 March, as group sales were down 18%.
Despite this, Asos reiterated its full-year guidance of a revenues fall of between 5 to 15% alongside positive adjusted EBITDA.
The online retailer said it was ahead of plan with its stock reduction process, as it continued to push ahead with its turnaround plan. Asos offloaded 83% of its autumn col