ASOS sales up by more than a quarter

ASOS has reported a sales increase of 26 per cent to £2.53 billion during the financial year to the end of August.

The online fashion and footwear retailer’s profit before tax was £102 million, up from £80 million the previous year. Group revenues rose to £2.42 billion from £1.92 billion year-on-year.

Chief executive Nick Beighton commented: “Our reported profit increase was achieved despite bearing material transition costs due to our investment programme.

“Our guidance remains unchanged both for the current year and the medium term, despite our record levels of investment,” he added.

ASOS now expects sales growth of between 20 and 25 per cent for the 2018-2019 fiscal year.

In July, Danny McBride announced he would be stepping down as chair and non-executive director in November this year, after a six-year tenure, while at the start of October, rival online retailer Notonthehighstreet poached technology director Richard Zubrick to be its next chief technology officer.

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