Trading in the run up to Christmas is said to have been “unbelievably bad” JACK TAYLOR/GETTY IMAGESThe retail industry has taken another battering with just under £1.4 billion wiped off the stock market value of the sector after Asos raised new fears about consumer spending in the run-up to Christmas by issuing a profit warning. Days after Mike Ashley, the founder of Sports Direct, had warned that “incredibly bad” trading last month would “smash retailers to pieces”, Asos halved its profit forecast, blaming the weather, discounting and consumer uncertainty. The online retailer had been forecast to make profits of £119 million this year but will likely make only £52 million, despite sales rising by 14 per cent in the three months to November 30. The profit warning sent its share price down by 37.5 per cent to £26.14 and robbed it…

Source: The Times December 18, 2018 00:09 UTC