Asos share prices drop 5.3% on US Supreme Court tax ruling

Asos has seen its share prices dive 5.3 per cent following a US Supreme Court ruling that threatens to dent its margins.

This morning, a ruling which allowed pure-play online retailers to avoid sales tax in the US was overturned by the Supreme Court.

This means that despite being listed in London, US states have the right to impose a tax on Asos’ sales.

In the six months to February, Asos reported US revenues of £152.8 million, representing 13 per cent of total revenues.

It was not the only retailer to suffer following the news.

Boohoo also saw its share prices drop 2.5 per cent, Ebay’s dropped 3.8 per cent and while Amazon’s dropped one per cent.

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