RE: This is money16 Jun 2022 23:41
Note:Amazon T4G in article
Shore Capital retail analyst Clive Black said he was unsurprised by the Asos and Boohoo warnings, having seen a ‘material downturn’ coming.
Black said the purely online firms have been hit the hardest while retailers with stores such as Zara owner Inditex have proved more resilient.
‘People have tried to start saving money by simply not opening their laptops.
‘We’ve seen online suffer much more than stores in the last three or four months and stores have proved a lot more resilient as people limit their spending.
‘We have had this from Amazon, Netflix, AO World, virtually every online business, and now it is the clothing sector’s turn with Boohoo reporting a reduction in sales