Asos: full-year profit, sales surge

(CercleFinance.com) - Online fashion retailer Asos shrugged off the Covid-19 crisis, posting a steep rise in annual profit and sales as it benefited from the removal of non-strategic costs.


The group said on Wednesday that profit before tax rose to 142.1 million pounds in the year to 31 August on a 19% increase in sales to 3.3 billion pounds.

Asos said it had 23.4 million active customers at the end of August, compared to 20.3 million a year earlier, of which 7.1 million were located in the UK and 16.3 million were located in international markets.

While there is no explicit guidance for the new financial year, the company said it expects to deliver "continued improvement" in underlying profit, excluding Covid-19 tailwind.

But its shares fell on Wednesday, as investors were looking to book profits after a strong rally in the past months. The stock is down 7.5% today, but still up over 53% this year.

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