Shares in the online fashion retailer Asos fell 40% in early trading on Thursday after it issued a profit warning.
The company - a darling for investors since its flotation in 2001 - endured a previous sell-off in March when it announced plans to invest heavily in its infrastructure to help meet future demand.
In the unexpected trading update, ASOS said it would be less profitable this year due to higher promotional activity, the strong rate of growth in low-margin British products and the hit from the strong pound.
Chief executive Nick Robinson said: "Whilst our profit performance for this financial year is not what we had hoped for due to an unusual combination of factors, our accelerated investment in technology and infrastructure to support our £2.5bn sales ambition is progressing and capex (capital expenditure) remains within guided levels."
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