ASOS "more resilient" as it delivers 330 per cent profts increase
An online fashion retailer has announced that its profts have quadrupled and revenue for the year has increased by nearly 20 per cent.
ASOS, which has headquarters in London, saw its profits rocket from £33.1m to £142.1m, increasing by 329 per cent.
It also saw revenues hit £3,263.5m in the year to the end of August, up by 19 per cent on last year’s £2,733.5m.
The company said that the increase was driven by a record first half of the year, but that it saw a “solid” performance in the final stretch of the period as it reshaped its product lines.
It shifted its focus from occasion wear - which experienced a dip in demand - to more activewear and face products.
Nick Beighton, CEO of ASOS, commented: “After a record first half which saw us make progress in addressing the performance issues of the previous financial year, the second half will always be defined by our response to Covid-19.
“I am proud of the way ASOS met this challenge head on, putting our duty to act as a responsible business at the heart of our approach and working to balance our performance in that context.
“As well as protecting staff, suppliers and customers, we’ve driven efficiency and have emerged a stronger, more resilient and agile business whilst delivering strong profit and cash generation.
“I am pleased by the improvements we have made this year but there is still more for us to do to continue our progress.
“Whilst life for our 20-something customers is unlikely to return to normal for quite some time, ASOS will continue to engage, respond and adapt as one of the few truly global leaders in online fashion retail.”
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