Pandemic boom for Asos as profits triple

By Tom Witherow4 days ago

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Asos cemented its status as a lockdown winner as profits more than trebled.

In another bumper set of results, the online fashion retailer posted a 253 per cent rise in profits to 106.4million for the six months to the end of February after sales jumped 24 per cent to 2billion.

And striking a bullish note about life after lockdown, it predicted customers will continue to flock to its website in growing numbers even after shops reopen on Monday.

The fortunes of Asos and online rivals such as Boohoo are in stark contrast to those of a number of once mighty High Street players.

In a sign of how the balance of power has shifted, Asos recently bought the Topshop and Miss Selfridge brands out of administration following the collapse of Sir Philip Greens Arcadia empire.

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