UK online fashion retailer ASOS has today reported a 68% slump in full-year profit, hurt by problems in ramping-up warehouses in the US and Germany.
ASOS, which issued its latest profit warning in July, said it made a pretax profit of £33.1m in the year to August 31, down from £102m in 2017-2018.
But this was in line with July's guidance of £30-35m.
ASOS said its revenue rose 13% to £2.73 billion.
The group is working through a major overhaul of its warehouse and technology capabilities, moving from a UK-focused to a global-centric model so it can better access growth opportunities.
It said in July problems faced while ramping-up warehouses in Atlanta and Berlin had restricted product availability, hitting sales and raising costs.
ASOS said today it had made "substantial progress" over the last few months in resolving its operational issues.
"Whilst there remains lots of work to be done to get the business back on track, we are now in a more positive position to start the new financial year," its chief executive Nick Beighton said.
ASOS, whose shares have fallen 49% over the last year, said it had made a "solid" start to the 2019-20 year.
"Whilst mindful of consumer uncertainty and retail trends in a number of our markets we are confident in the substantial global opportunity for ASOS and look forward to the future with confidence," it added.
Before today's update, analysts' were on average forecasting a pretax profit of £63m for 2019-20, according to Refinitiv data.