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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.

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