Coronavirus restrictions give ASOS £40m boost

ASOS expects profits of £40 million in the first half of 2021 as a result of coronavirus restrictions, the online fashion retailer has said.

In the company’s latest trading statement it said that for the four months to 31st December, revenue growth surpassed its expectations.

ASOS sales jumped by 23 per cent to £1.3 billion in 2020, with UK sales increasing by 36 per cent.

ASOS said that exceptional UK growth reflected restrictions on non-essential retail stores through the peak period.

ASOS benefitted from renewed COVID-19 restrictions as the period saw resumption of lower returns rates.

EU retail sales increased by 18 per cent, while US sales grew by 13 per cent.

The company’s customer based increased by 1.1 million last year, bringing the total number to 24.5 million.

"We are really pleased with the strong performance we have delivered, which is testament to both the strength of our multi-brand model and the hard work of our people,” said Nick Beighton, chief executive, ASOS. “We have continued to execute well and deliver for our customers, whilst investing into growing our business and driving further efficiency through a strong operational grip.”

He added: “Looking forward, given the uncertainty associated with the virus and the impact on customers' lives, our cautious outlook for the second half of the year remains unchanged. However, the strength of our performance gives us confidence in our continued progress towards capturing the global opportunity ahead."

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