StockMarketWire.com - Online fashion retailer Asos reported a sharp fall profit, in line with its expectations, as difficulties with new warehouse facilities in the US and Europe hurt performance.

For the year ended 31 August, pre-tax profit fell to 68% to £33.1m, in line with guidance of £30m to £35m.

Sales grew by 13% to £2.7bn, with the UK delivering 15% sales growth, the EU 12%, US 9%, rest of world 12%.

Retail gross margin fell 250 basis points to 47.4%, which the company blamed on the shift to a local platform in the US, expansion of its high street brand offering and adverse country mix as a result of the operational challenges experienced in the year.

Total orders placed grew 14% to 72.3m year-on-year.

'Whilst there remains lots of work to be done to get the business back on track, we are now in a more positive position to start the new financial year,' the company said. Story provided by StockMarketWire.com