Asos has warned that its annual earnings are set to fall short of previous guidance as it delayed the release of its full-year results by a week.
The fast fashion retailer said it was set to report a second half adjusted EBIT of more than £38m, resulting in a full-year adjusted EBIT loss of no more than £31m.
Broker Shore Capital said that previous guidance had projected second half profits to be at the “lower end of the guided range of £40m and £60m”.
Asos announced on Tuesday it would publish its results on November 1 – a week later than planned – to allow its auditor, PwC, time to complete “planned testing”.
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It added that PwC had assured the board that the outstanding procedures are “limited in nature”.
The troubled retailer warned last month that its profits would fall at the lower end of its guidance amid its ongoing turnaround programme.
The warning came as sales dropped for the fourth consecutive quarter, falling 15% during the period as a result of a “weaker than expected” July and August from the wet weather.
Chief executive José Antonio Ramos Calamonte said at the time: “Asos has delivered on the Driving Change agenda and as a consequence is a leaner and more resilient business twelve months after its launch.
“We have reduced our stock balance by c.30%, significantly improved the core profitability of the business and generated cash against a very challenging market backdrop.
“We continue to focus on bringing the best fashion and the most engaging proposition to our customers as we make progress on our journey to sustainably profitable and cash generative growth.
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