Home Business News ASOS posts strong results as profit up 28 per cent

ASOS posts strong results as profit up 28 per cent

by LLB Reporter
17th Oct 18 8:48 am

Online fashion giant Asos today announced that it is focused on becoming the “world’s number one destination for fashion-loving twenty somethings” as its revenues soared by 26 per cent to more than £21.4bn.

Profit before tax came in at £102m, up from the £80m achieved the year before.

Asos chief executive Nick Beighton added: “Asos is moving fast and is as differentiated as ever. The potential for our business is huge and we remain focused on building Asos into the world’s number one destination for fashion-loving twentysomethings.”

Asos said it now expects sales to grow between 20 and 25 per cent for the 2018-2019 fiscal year. Last year as well, the retailer had grown strongly last year in both the UK and internationally.

Richard Stables, CEO of Kelkoo, commented: “The continued growth of Asos demonstrates that twentysomethings simply don’t have the same shopping habits as their parents – convenience and varied pricing are now far more important than the in-store shopping experience. Traditional retailers need to adapt by ensuring that they expand their online offering and don’t follow in the footsteps of House of Fraser.”

“John Lewis is a much-loved British brand and has launched a premium personal shopping and champagne service to enhance customer experience, but this is no longer enough to remain competitive in today’s retail landscape with the rise of major online players and direct-to-consumer marketing.”

“ONS figures indicate that wage growth has picked up but this income will not be spent on the high street; instead, ecommerce retailers will increasingly attract consumer spending.”

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