Asos saw profits plummet by 87 per cent to £14.8 million, in the half year to February 28.

The fashion retailer blamed reduced stock availability due to supply chain disruption, as reported by Retail Gazette. This led to an operating loss of £4.4 million, compared to £109 million profit last year.

Asos is hopeful it will see a return to sales growth this year, with improvements in stock levels, a return to holiday demand and an easing of supply chain issues.

The online retailer also expects to take a £14 million hit, from its decision to stop selling in Russia. Despite this, Asos said it expects to see a rise in sales of 10 to 15 per cent this year.