But shares climbed as markets saw signs of recovery for the fast-fashion brand that has struggled in the post-pandemic era, and progress clearing the stock mountain that had been a "ball and chain" for the business.
Revenue fell by 18% to £1.5 billion for the six months to 26 March, which the retailer said was "a result of the cost-of-living challenges which particularly impact the younger ASOS customer demographic". Increased discounting to get rid of old stock, which has been a major priority for ASOS, also played a part in the revenue decline.
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