ASOS developing in the right direction, says Shore Cap

After ASOS PLC (LSE:ASC) last week reported improving first-half profitability, broker Shore Capital said the near-50% rise in underlying profit underpins full-year forecasts as the online fashion retailer continues its turnaround. The broker said trading is “developing in the right direction”, with gross merchandise value declines easing to 9% and sequential improvements through the half.