Money
How COVID has impacted sales of a major online retailer
Online fashion retailer ASOS has seen a decline in sales
ASOS reported a 21% rise in sales in the four months to June 30 this year but stated that trading in July was staggered.
Poor weather within Britain, as well as COVID-19 uncertainty, is being blamed
ASOS, whose name stands for “As Seen On Screen”, said profits were being squeezed in part due to increased freight costs and global supply chain disruption.
ASOS says consumers have taken advantage of lockdown restrictions easing and therefore are now choosing to shop within local stores.
“Trading in the last three weeks of the period was more muted, as continued Covid uncertainty and inclement weather, particularly in the UK, impacted market demand.”
ASOS SAD In an update to the stock market.
The online fashion retailer said they expect a high level of volatility given the ever-changing world of COVID-19.