Asos profits surge by 253%

Online fashion retailer Asos has seen pre-tax profits more than triple to £106 million in half a year.

Profits accumulated in the six months to 28 February 2021 rose by 253 per cent compared to the previous year.

Total group revenues surged by 24 per cent to £1.97 billion.

The company’s active customer base grew by 1.5 million to 24.9 million across the same period. It said that good growth in new custom balanced fewer event-led reasons for existing customer to shop.

The UK made up 39 per cent of the sales growth, with the EU making up 18 per cent, the US 16 per cent, and the rest of the world 16 per cent.

Total sales grew by 25 per cent over the six-month period.

“We are delighted with our exceptional first-half performance and proud of the work our teams have put in to achieve this,” said Nick Beighton, chief executive. “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.

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

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