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ASOS annual profit falls 14% on strong pound

British online fashion retailer ASOS posted a 14 percent fall in annual profit after the strength of sterling hit sales growth overseas.

The firm, which has issued three profit warnings this year,said on Tuesday it made a pretax profit of 46.9 million pounds ($75.9 million) in the year to Aug. 31.

That was just above analysts'reduced expectations but down from the 54.7 million pounds it made in 2012-13.

Total retail sales, reported last month, rose 27 percent on a constant currency basis to 955.3 million pounds.

ASOS also said last month it would cut prices to reverse the slowdown in sales growth in international markets. It forecast pretaxprofit for the 2014-15 year would be similar to the 2013-14 outcome.

The firm also said it had promoted chief financial officer Nick Beighton to the chief operating officer role.