British online fashion retailer ASOS on Saturday said it was seeking an amendment to the terms of its borrowing agreements.
ASOS said last month it expected full-year profit to be around the lower end of its guidance after weaker than projected August sales.sales measured in constant currency for the year to Aug. 31 would rise by about 2% while net debt would be about 150 million pounds , both below market consensus and company guidance.
ASOS said on Saturday it retained a strong liquidity position and called the loan amendments a "prudent step". "This action will give ASOS significantly increased financial flexibility, against the uncertain economic backdrop," it said.fell much more than expected in August, in another sign that the economy is sliding into recession as the cost of living crunch squeezes households' disposable spending.Reporting by Mrinmay Dey in Bengaluru; Editing by Kirsten Donovan
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