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ASOS records healthy profit & sales growth in key markets


Online fashion retailer ASOS experienced growth across all of its key markets according to its latest full year report, defying the downturn the fashion retail sector is facing.

The pure play etailer recorded pre-tax profits of £63.7 million for the year to August 31, a 37 per cent surge compared to last year.

Sales also increased by 26 per cent to £1.4 billion, boosted by a 50 per cent growth in US revenue.

Meanwhile, sales in the UK went up by 27 per cent and for the rest of Europe, sales was up by 28 per cent.

RELATED: ASOS named UK’s most reputable fashion retailer

Chief executive Nick Beighton said he was “pleased with the progress in the business”.

“The strength of these results reflects our unwavering focus on delivering great customer experience, supported by rigorous execution of our investments,” he said.

"We continue to target our growth opportunities, so we're accelerating investment in both logistics and technology.

"The pace at ASOS is continuing in the new financial year, which we are looking forward to with confidence."

RELATED: ASOS boss refutes working condition accusations in 6-page letter

ASOS’ success bucks recent data that the fashion sector is faltering, with Kantar Worldpanel yesterday revealing the UK’s fashion market witnessed its steepest decline since 2009.

The report also comes as the etailer continues to be embroiled in a scandal about unfair working conditions at its Barnesly warehouse, with unions and MPs labelling it as “the next Sports Direct”.

ASOS has denied the accusations, with Beighton insisting his firm had “nothing to hide”.

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Published on Tuesday 18 October by Elias Jahshan

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