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Online retailer ASOS's sales hit by coronavirus, raises funds to weather storm

Reuters
·1-min read
FILE PHOTO: A model walks on an in-house catwalk at the ASOS headquarters in London

LONDON (Reuters) - Online fashion retailer ASOS <ASOS.L> said demand had been hit by lockdown measures introduced to combat the spread of the coronavirus, with sales falling 20-25% in the last three weeks.

The British company said it would strengthen its finances to help weather the disruption, including a placing of new shares representing up to 18.8% of its existing equity, and extending its revolving credit facility by 60-80 million pounds ($74-$99 million).

It announced the measures alongside results for the six months to Feb. 29, which saw revenue rise 21% to 1.597 billion pounds and pretax profit increase to 30.1 million pounds from 4.0 million pounds a year earlier.

(Reporting by Paul Sandle; editing by James Davey)