The boss of Asos on Wednesday admitted the online fashion retailer had become complacent as its profits plunged.
Chief executive Nick Beighton said: “We’re not satisfied with the results. We’re capable of much, much more.”
He said he regretted not introducing enough new own-brand products to its website. But “we’re on that,” he added.
“I wish we would’ve done it earlier in the season. It’s a competitive market. Every month competition gets better and so it should.”
Asos’s pre-tax profits crashed 87% to £4 million for the six months to February 28, despite a 14% rise in sales to £1.3 billion.
But there was City relief as its guidance remains unchanged after a discount war led to a December profit alert.
Shares rose 2.3%, or 74p, to 3224p.
