ASOS profits increase 253% to £106.4m during COVID-19 pandemic

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Ecommerce fashion retailer ASOS has announced that profits have increased 253% year-on-year to £106.4m in the six months to 28 February.

The app-focused platform also revealed that group revenues climbed 24% to £1.97bn over the same time period. Total sales across the group increased 25%.

The COVID-19 pandemic has seen a surge in the growth of e-commerce platforms – and ASOS has seen its active customer base increase to 24.9 million users, up 1.5 million over the six month period.

Nick Beighton, CEO of ASOS, commented: “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. The swift integration of the Topshop brands and the impressive early customer engagement is also especially pleasing.

“Looking ahead, 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.”

Industry reaction

Elle Nadal, Director of Marketing, EMEA, said: “The latest figures come as little surprise. Over the past year we have witnessed ASOS adapt successfully to lockdown restrictions, offering consumers a haven away from the high street. The fashion conglomerate was able to quickly pivot, ensuring its stock reflected consumer demand and sentiment, and offering shoppers a wealth of new brands such as Topshop and Miss Selfridge.

“Ecommerce will be critical for the survival of UK retail in 2021. Brands need to message with confidence, offering the safe and convenient shopping experience customers are looking for during lockdown. The brands that win in this online marketplace will be the ones that really put customers first. They can accomplish this by creating a unified, intimate experience across both digital and in-person channels that provides value for consumers.

“Customers will certainly be anxious not to lose the human, social experience that has for countless years been a staple of in-person fashion retail shopping. In this light, many fashion retailers may well opt for a hybrid model, complementing the immersive in-store experience perfectly with the convenience of online shopping.”

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