Online clothing vendor makes a significant profit through the coronacrisis, as customers ordered more clothes online and sent less back. In the last financial year, the company had a four-fold increase in pre-tax profits of £ 142.1 million. Sales increased by almost a fifth, according to a trade report.
Sales increased in all regions where the company is active. The online clothing vendor also lost less money to return, as customers returned less clothing.
The figures are for the 12 months up to the end of August. In the current financial year Asos expects the underlying profit to increase further, but remains cautious because of the pandemic and the weaker economic prospects for their main target group, the young shoppers.
Asos’s stock price has already increased by almost 60 percent this year.