Oct. 11, 2021, 3:40 a.m. EDT

Asos shares tumble after profit warning and CEO departure

Fashion retailer Asos (LON:UK:ASC) plunged 15% in early London trading after a profit warning and announcing the surprise departure of its chief executive. Citing supply-chain issues and higher costs, Asos said fiscal year adjusted pretax profit would fall to a range of £110 million to £140 million, from £193.6 million in the August-ending fiscal year, with first half sales in the single-digit growth range. Chief Executive Officer Nick Beighton has agreed to step down, and that Ian Dyson will become its next chairman.

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