LONDON — While the British online fashion retailer Asos posted a 25.9 percent rise in group revenues in the two months ended February 28, to 139.2 million pounds, or $229.7 million, its increase in capital expenditure for the current year and forecast of a reduced EBIT margin drove shares of the retailer down 17 percent to 52.50 pounds, or $87.33, at the close of trading Tuesday.
Shares in Asos in London fell after the company revealed an increase in capital expenditure for the year to 68 million pounds, or $113.3 million, as a result of investment in warehousing in the U.K. and Germany and in IT. Investors were also muted on Asos chief executive officer Nick Robertson’s forecast that the firm’s investment in its China start up would reduce Asos’ EBIT margin for the year to August 31 to around 6.5 percent, and that the costs would be “disproportionately” reflected in the pre-tax profits in the first half of the year. Pre-tax profits for the year are expected to be split at around 30 percent in the first half and 70 percent in the second half. But Robertson noted in the statement that the investment in capital expenditure would increase Asos’s sales capacity to 2.5 billion pounds, or $4.16 billion a year. And he added that the company is “now confident of achieving 1 billion pounds [$1.67 billion] of sales in [full year] 2013/14.”
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