Economy

Asos profits soar by 145%

Asos profits soar by 145%”

Asos PLC (ASC.LN) reported Tuesday a more-than-doubled pretax profit for fiscal 2017, on the back of strong worldwide sales growth, as the company raised its sales guidance for fiscal 2018.

The online retailer said that its pre-tax profit had leapt by 145 per cent to £80 million on revenue that jumped by 33 per cent to £1.92 billion in the year to August 31. This is compared to results the year before, which stood at £32.7 million.

Nick Beighton, chief executive, said: "It's been a great year for ASOS, with continued growth in sales and profits".

"Our global performance was excellent as we reinvested foreign exchange tailwinds and benefited from our continually improving customer proposition".

It added that sales growth was "once again driven by strong product, proposition improvements and further price investments across major markets".

The group have upped estimates for the coming financial year, with estimates now 25 to 30 percent, compared to its previous target of 20 percent. Global sales rose 47% to GBP1.18 billion, while United Kingdom sales grew 16% to GBP698.2 million, the company added. Global sales surged by 47 percent.

The retailer exports more than it imports and the drop in sterling since the UK's Brexit referendum in June 2016 has boosted the company's worldwide sales and allowed it to cut prices. This is in contrast to many highstreet retailers who are suffering from rising property costs and higher import charges.

Asos has reported 15.4 million active customers.

"The potential for our company remains huge", he said.

Despite ASOS' strong performance - sales growth was in-line with City forecasts and profit was slightly ahead - shares have opened around 1% lower in London on Tuesday, with investors perhaps taking profit from the strong numbers.



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