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Asos takes orders again after warehouse fire Asos takes orders again after warehouse fire
(about 7 hours later)
Asos has started taking orders again after a fire at its main warehouse forced the online fashion retailer to suspend its website over the weekend.Asos has started taking orders again after a fire at its main warehouse forced the online fashion retailer to suspend its website over the weekend.
The company estimated that the fire and sprinkler system at the site in Barnsley damaged about 20% of the stock held there. The company estimated that the fire and the sprinkler system at the site in Barnsley damaged about 20% of the stock held there.
Friday night's blaze tore through several floors of the giant distribution centre, which holds 70% of Asos's £159m of stock valued at cost price.Friday night's blaze tore through several floors of the giant distribution centre, which holds 70% of Asos's £159m of stock valued at cost price.
The Barnsley fire raised fears that the company could be out of operation for a long time. Every product Asos sells is checked at the warehouse before it is shipped for delivery. Last year the group had sales of £770m. The fire raised fears that the company could be out of operation for a long time. Every product Asos sells is checked at the warehouse before it is shipped for delivery. Last year the group had sales of £770m.
In a statement to the stock exchange on Monday, Asos said: "None of the technology, automation or structure of the building has been affected by the fire.In a statement to the stock exchange on Monday, Asos said: "None of the technology, automation or structure of the building has been affected by the fire.
"The clean-up process commenced on Saturday morning and progressed quickly. Consequently at 2am this morning we recommenced taking orders. We are fully insured for loss of stock and business interruption." The company's shares were down around 2% at £26.95."The clean-up process commenced on Saturday morning and progressed quickly. Consequently at 2am this morning we recommenced taking orders. We are fully insured for loss of stock and business interruption." The company's shares were down around 2% at £26.95.
Detectives from South Yorkshire police believe the fire was started deliberately and have launched a criminal inquiry.Detectives from South Yorkshire police believe the fire was started deliberately and have launched a criminal inquiry.
The fire hit Asos during a rocky period for the one-time stock market sensation. Less than three weeks ago, the company warned that annual profits would be less than expected. The fire hit Asos during a rocky period for the one-time stock market sensation. Less than three weeks ago, the company warned that annual profits would be less than expected. The statement wiped almost a third off the company's stock market value, which had rocketed as investors bought into internet shares.
The shock statement wiped almost a third off the company's stock market value, which had rocketed as investors bought into internet shares.
Asos blamed a slowdown in sales growth and a squeeze on profit margins from increased competition. Some analysts said Asos had expanded too fast and had underestimated competition from traditional retailers as they improved their online operations.Asos blamed a slowdown in sales growth and a squeeze on profit margins from increased competition. Some analysts said Asos had expanded too fast and had underestimated competition from traditional retailers as they improved their online operations.