Asos chief offloads £1.5m stock
Online retailer’s shares have fallen in recent weeks, despite strong forecasts
Shares in Asos drifted lower this week to £48 a share after chief executive Nick Beighton sold £1.5m-worth of stock in the online fashion retailer.
The sale – his first significant disposal since taking the helm in 2015 – has reduced his direct stake to around £7.4m. Earlier this year, Beighton pledged a further 10,150 shares against a personal bank loan.
Though Asos’ share price has lost ground since hitting £60 in March, analyst forecasts remain almost uniformly strong after a period of excellent profit growth.
In the six months to February, surging demand and the effects of operational gearing pushed earnings up almost threefold to 82.1p, sparking broker forecast upgrades and a further jump in the consensus target price to £64.33p.
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