Yoox sinks on the stock market after the profit warning of the British competitor Asos which loses more than 30% in London. “Yoox is affected by Asos' warning,” said a trader.
Around 10 am, the share of the Italian online sales company in the fashion and luxury sector dropped 6% to 21,79 euros with volumes already above the average for an entire session.
Asos warned this morning that this year's profitability will be lower than initially indicated due to increased promotional activity and increased sales of low-margin products. The guidance on the Ebit margin for the end of the year has thus been lowered to approximately 4,5% from 6,5%.
"While our profit performance for the financial year is not what we had hoped due to an unusual combination of factors, the acceleration of our technology and infrastructure investments to underpin our ambition to deliver sales from £2,5bn it is progressing”.
