Asos sales boost sees profits quadruple
ONLINE fashion group Asos has seen demand for “going-out” items. annual profits more than quadruple This helped deliver a profit tailthanks to cost-cutting action and as wind of around £45 million, accordcustomers returned fewer items amid ing to the group. the pandemic. It said it had made a “solid start”
The firm reported pre-tax profits of to the new year and expects an £142.1 million for the year to August ongoing increase in underlying prof31,its.up329%from£33.1millionayear earlier, as sales jumped 19% includBut it cautioned over the outlook ing 18% growth in the UK. for consumer demand as it said
Asos shrugged off soaring costs “economic prospects and lifestyles due to the pandemic by making savof 20-somethings remain disrupted” ings across the group, while a trend due to the coronavirus crisis. for customers to buy more carefully Nick Beighton, chief executive of and return less also offset plunging Asos, said: “Life for our 20-something customers is unlikely to return to normal for quite some time.”
But he said in the face of the pandemic, Asos had “met this challenge head on”.
“We’ve driven efficiency and have emerged a stronger, more resilient and agile business,” he added.
Mr Beighton also said that the company has sought to bulk up on popular ranges, such as leisurewear, amid significant pressure on supply across the sector.
Asos said UK customer numbers rose 11% over the year to 7 million.