Record profits for ASOS as brand posts "exceptional" 275% increase

A UK fashion retailer has announced that its profits have reached “record” levels following a 275 per cent increase.

ASOS, which recently acquired the Topshop brand, saw adjusted profit before tax in the last six months jump to £112.9m, compared to £30.1m in the same period last year.

The online retailer also saw group revenues for the past six months rise from £1.59bn in 2020 to £1.97bn, representing a 25 per cent increase.

The company reported 39 per cent sales growth in the UK, as well as 18 per cent growth in the EU and 16 per cent growth in the rest of the world.

It also revealed that its active customer base rose by 1.5 million in the period, bringing it to a total of 29.9 million.

Nick Beighton, CEO, commented: “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.

“The swift integration of the Topshop brands and the impressive early customer engagement is also especially pleasing.

“Looking ahead, while we are mindful of the short-term uncertainty and potential economic consequences of the continuing pandemic, we are confident in the momentum we have built, and excited about delivering on our ambition of being the number one destination for fashion-loving 20-somethings.”