Growth fears dent Asos shares

Online fashion and beauty retailer Asos has seen its shares slide after it revealed weaker-than-expected sales growth in the UK and US.

The group, which targets 16 to 34-year-olds with its own brand of clothes based on outfits first worn by celebrities, reported 4 per cent UK sales growth to £47.1 million, compared to 10 per cent growth in the previous quarter. The US saw sales growth slide from 146 per cent to 69 per cent.

Asos, which has seen its share price drop 40 per cent in the last year, has seen total sales growth ease quarter by quarter.

Chief executive Nick Robertson, who started the business in 2000, said pre-tax profits were likely to be in line with expectations of around £40m, compared to £28.6m in the previous year.