Asos expects sales slump to continue as it is hit by near £300m loss

Shares plunge after analysts say online fashion retailer may need to raise more cash, possibly through sale of Topshop brand

Asos has warned sales will continue to fall in the year ahead - by much as 15% - after delayed results revealed a near 300m annual loss.

Shares fell almost 8% on Wednesday to 365p after analysts expressed fears that the online fashion retailer would need to raise new cash - potentially through the sale of its Topshop brand - with net debt including leases now at 648.5m, up from 533m a year before.