Skip navigation

Gloucestershire Business News

Asos profits jump 253 per cent

Online fashion giant Asos has posted its latest half year results, with revenues topping £1.98billion in the six months to the end of February 2021.

The business also revealed that pre-tax profits skyrocketed 253 per cent to £106.4m, at a time when physical stores were forced to close as a result of lockdowns.

Asos said it had seen strong UK demand during the period, with half-year sales up 39 per cent year-on-year to more than £800m. Sales also rose 18 per cent in the EU, 16 per cent in the US and 16 per cent in the rest of the world.

In a statement, Asos said: "Overall we saw a net COVID-19 tailwind of £48.5m - a benefit which we expect to reverse once we see restrictions lifted on the hospitality and tourism sectors.

"We believe the shift to online retail as a result of the pandemic and the accelerating consolidation of offline retail has increased consumer confidence in shopping online.

"In the coming months we expect a portion of consumer demand will move back to stores as restrictions are eased throughout our markets, but we expect online penetration to remain structurally higher than pre COVID-19 levels."

Nick Beighton, CEO, said: "We are delighted with our exceptional first-half performance and proud of the work our teams have put in to achieve this. These record results, which include robust growth in sales, customer numbers and profitability, demonstrate the significant progress we have made against all of our strategic priorities and the strength of our execution capability."

Asos also said that its plans for Topshop, Topman, Miss Selfridge and HIIT acquired in February were progressing well.

"The swift integration of the Topshop brands and the impressive early customer engagement is also especially pleasing," he added.

Related Articles

Coronavirus LIVE Updates: The latest news from across Gloucestershire on Friday, July 30 Image

Coronavirus LIVE Updates: The latest news from across Gloucestershire on Friday, July 30

The ongoing coronavirus situation is changing by the hour with announcements being made about businesses and services that are being forced to adapt and change.

Cheltenham Cyber Park development partners announced Image

Cheltenham Cyber Park development partners announced

Gloucestershire's place at the heart of the nation’s cyber security ambitions took another step forward with the announcement of the team for the Golden Valley project in Cheltenham.

New main sponsor for Gloucester Rugby revealed Image

New main sponsor for Gloucester Rugby revealed

Gloucester-based shelving company BiGDUG is today revealed as the new Main Club Sponsor for the Gloucester Rugby Club.

Amazon sales exceed $100bn again Image

Amazon sales exceed $100bn again

American online retail giant Amazon has exceeded $100bn in sales for the third quarter in a row

Copyright 2021 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.