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    Asos plans move to main market of London Stock Exchange

    Asos said online clothing retailers will move to the main markets of the London Stock Exchange 20 years later at Aim as they report sales growth despite supply chain challenges.

    Partywear sellers said demand was “unstable” for the four months to December 31 as a result of Covid, but sales increased by 5% in line with the guidance.

    Listed on the alternative investment market in 2001, Asos, one of AIM’s largest companies, plans to move to major markets by the end of February 2022 with the aim of attracting more investors. Told.

    Chief Operating Officer Mat Dunn said:

    Former CEO Nick Beighton left the company in October and issued a profit warning, leaving Dan to run his daily business. Asos shares rose 8% in early trading.

    Despite Christmas sales growth, gross margin fell 400 basis points to 43%. This is because they removed slow-moving inventories, faced rising freight rates, and relied on air freight to deal with supply constraints.

    The Topshop brand, which Asos acquired from Arcadia in February 2021, performed well, recording 200% year-over-year growth.

    Dan said Assos got off to a “solid” start this year, following the guidance, despite the tough market conditions.

    Asos also announced the appointment of Patrick Kennedy, Chairman of the Bank of Ireland and former Chief Executive Officer of Paddy Power, to the Board of Directors.

    The move to the main market is “another positive step in stock prices,” said Sherry Marek, an analyst at RBC Capital Markets.

    Asos plans move to main market of London Stock Exchange Source link Asos plans move to main market of London Stock Exchange

    The post Asos plans move to main market of London Stock Exchange appeared first on California News Times.

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