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Asos benefits from strong UK performance

Asos increased its total revenue by 24% to £1.98 billion in the six months to 28 February as the online fashion retailer benefited from an “exceptional”… View Article

FASHION

Asos benefits from strong UK performance

Asos increased its total revenue by 24% to £1.98 billion in the six months to 28 February as the online fashion retailer benefited from an “exceptional” performance in the UK.

The retailer’s pre-tax profit also jumped, rising by to £106.4 million from £30.1 million a year earlier.

While sales in the UK climbed by 39% in the period, sales in the US, EU and rest of the world rose by 18%, 16% and 16% respectively.

In addition, the retailer saw its active customer base increase by 1.5 million to 24.9 million. Asos said the growth balanced out fewer event-led reasons for existing customers to shop.

Nick Beighton, Asos chief executive, said: “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.” 

Looking ahead, Asos said it is well positioned to capture demand for event-led clothing following the easing of Covid-19 restrictions. However, it will remain cautious in the near term due to uncertainty regarding its young customers’ economic prospects, the timing of global restrictions lifting and possible further Covid-19 peaks.

Beighton added: “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.”

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