ASOS's Guidance Seems Challenging in a Competitive Fast-Fashion Market -- Market Talk

Dow Jones09-10

0656 GMT - ASOS's financial targets for the full year look challenging in a competitive environment where fast-fashion players such as Shein, Temu and Vinted are pushing the market, Barclays analysts Sarah Roberts and Andrew Ross write in a research note. The London-listed online fashion retailer recently revised its guidance for fiscal 2024, which ends in September. It anticipates earnings at the top end of market views, but said that sales should come slightly below consensus. "Amongst other commerce platforms in our EU Internet coverage, we prefer names that have positive and accelerating growth," the analysts say. Barclays downgrades ASOS to underweight from equal weight. Shares closed at 435 pence on Monday. (andrea.figueras@wsj.com)

(END) Dow Jones Newswires

September 10, 2024 02:57 ET (06:57 GMT)

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