The British online fashion retailer ASOS continues to struggle with the challenges of intense competition, particularly with the Chinese budget supplier Shein, and suffers from high inventory levels. This resulted in an operating loss (EBITDA) of £16.3 million in the first half of the fiscal year, compared with a deficit of £4.6 million in the same period last year. ASOS announced these figures in a press release on Wednesday.

Despite these challenges, the Executive Board remains optimistic and has confirmed the forecasts for the entire fiscal year. The company aims to return to profitability but expects a revenue decline of five to fifteen percent. ASOS views the current fiscal year as a transition period during which the launch of new collections should be accelerated and excess inventory reduced.

In this context, ASOS has also announced the appointment of a new Chief Financial Officer. Dave Murray, former manager at Sainsbury's and Amazon, is expected to support the company in returning to profitability. This personnel decision highlights ASOS's ambition to position itself as a faster and more agile company.

The announcements led to a rise in ASOS shares in London, which temporarily increased by 3.42 percent to 3.45 pounds. This illustrates the confidence of investors in the announced measures and the company's future strategy.