Profit at Britain's ASOS quadruples on strong demand during pandemic

Sales rose 19% to 3.26 billion pounds. The group said it had made a "solid" start to the new financial year but was cautious on the outlook for consumer demand whilst economic prospects and lifestyles of 20-somethings remain disrupted. ($1 = 0.7747 pounds)

British online fashion retailer ASOS on Wednesday reported a quadrupling in full-year profit, benefiting from strong demand during the COVID-19 pandemic and forecast more improvement in the 2020-21 year.

ASOS, whose fast fashions are popular with shoppers in their twenties, made a pretax profit of 142.1 million pounds ($183.4 million) in the year to Aug. 31 - in line with guidance in August and up from 33.1 million pounds in the same period last year. Sales rose 19% to 3.26 billion pounds.

The group said it had made a "solid" start to the new financial year but was cautious on the outlook for consumer demand whilst economic prospects and lifestyles of 20-somethings remain disrupted. ($1 = 0.7747 pounds)

Also Read: Tennis-Watson concerned about future of British tennis