Asos has more than tripled first-half profits to a record £106m and raised full-year expectations as the online retailer continues to benefit from the pandemic. In the coming months we expect a portion of consumer demand will move back to stores as restrictions are eased throughout our markets, but we expect online penetration to remain structurally higher than pre Covid-19 levels,” Asos said. Profits increased 253% year-on-year increase to £106.4m in the six months to 28 February, as total group revenues climbed 24% to £1.97bn. […] The number of active customers rose by 1.5 million to 24.9 million, which the company said was a good performance given the lockdown had led to fewer “event-led” reasons for people to shop for formal and occasionwear. […] Sign up to the daily Business Today email There was strong growth in sales of key “lockdown” clothing categories, including a 121% increase in sales of activewear and an 86% rise in casual wear sales revenues in the UK.
Click here to read the full article