Asos warns on slowdown as inflation squeezes spending power

Online fashion retailer Asos has warned that sales slowed in August and that its full-year profits will be at the bottom of its previous forecast, as squeezed UK consumers put the brake on spending.

The UK group, whose shares have fallen more than 70 per cent this year, said that profits for the 12 months that ended on August 31 would be “around the bottom end of company guidance” of between £20mn and £60mn.

Many analysts had…