ASOSshares soared today as new boss José Antonio Ramos Calamonte convinced investors the company was on the right track to bounce back from its recent troubles despite a 14% slump in sales.
The online retailer lost £290.9 million last year but launched a new plan to cut costs by stocking less clothes. This, the firm said, meant a decline in sales was expected as it puts “more stock than [it] would like” on clearance to get rid of clothes it hadn’t been able to sell at full price.
