Asos profit soars 37% to £63.7m

Asos, the British online fashion retailer, on Tuesday reported a 37 per cent rise in annual profit after strong growth across its UK, US and European markets, and said it was confident on its new financial year.

Asos posted underlying pretax profit of £63.7 million (€71 million) for the year to August 31st, slightly ahead of analysts’ average forecast of £62 million, and a big rise on the £46.4 million it posted last year.

Sales rise

The higher profit came as sales rose by 26 per cent across its UK and international markets, and after it benefited from the weakening of sterling versus the US dollar and euro in the wake of Britain's vote to leave the European Union in June.

Recently, Asos has been under fire from unions and media over working conditions at its main warehouse in northern England, but said in its statement that such commentary was inaccurate and misleading. – (Reuters)