Fashion e-tailer ASOS ‘moving fast’ with revenues of £2.42bn

British fashion e-tailer ASOS plc has driven profits up by almost 30% as it continues to invest in its overseas operation.

The London-headquartered company generated a profit before tax of £102m in the 12 months to August 31 2018, up from £80m in 2016/17.

Group revenues for the period reached £2.42bn, a 26% increase on the £1.92bn recorded the year previous.

In the UK, ASOS’ retail sales saw an uptick of 23% to hit £861.3m, but internationally growth was stronger at 27%. Overseas markets continued to be ASOS’ primary source of revenue, generating over £1.49bn for the firm.

During the year to August 2018, the firm continued to invest in its international distribution hubs, which operate alongside ASOS’ UK hub in Barnsley.

Phase one of its US facility in Atlanta, Georgia is now operational, with phase two of its European hub in Germany “progressing well”, the company said.

Nick Beighton, chief exec of ASOS, commented: “This has been another year of substantial progress for ASOS.

“We delivered 26% sales growth and 28% profit growth whilst investing heavily in the long term potential of the business.”

He added: “Our reported profit increase was achieved despite bearing material transition costs due to our investment programme. All our financial and customer key metrics have shown positive growth.”

Speaking further, Mr Beighton said the company is “moving fast and is as differentiated as ever”, adding: “The potential for our business is huge and we remain focussed on building ASOS into the world’s number one destination for fashion-loving twentysomethings”.

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