British online fashion retailer ASOS has today reported an 87% drop in pre-tax profit in the first-half.
The company said it was hit by poor trade in the crucial run-up to Christmas and logistical hiccups as it entered the US market.
Pre-tax profit for the six months to end-February came in at £4m on sales up 14% to £1.31 billion
"Our performance across H1 has been disappointing and we are capable of achieving more," the company said in a statement.
"We are confident of delivering a stronger performance in the second half," it added.