Asos sales soar as homebound customers go on clothes frenzy

Sales at the online fashion retailer Asos rose 18 per cent in the UK in the year to the end of August as the group took market share from rivals.

Pre-tax profits rose 329 per cent to a better-than-expected £142.1 million over the period, up £33.1 million. Revenue rose to £3.26 billion, up from £2.7 billion.

Nick Beighton, chief executive, said that the group was well set for the peak trading period, with warehousing capacity operating at normal levels while maintaining social distancing. However, the company said that it was cautious about the outlook for consumer demand, with the economic prospects and lifestyles of twentysomethings still disrupted.

Shares in Asos, which has more than seven million active customers in the UK, have risen 59 per cent this year, putting a £5.3 billion valuation on the company — almost three times the market value of Marks & Spencer.