Asos still in fashion as profits and sales keep soaring

“Sales and profits at Asos continue to soar as the online fast fashion expands apace in Europe and the US.

The firm posted a £500m rise in revenue to £2.4bn for the year to 31 August, while profit jumped 28% to £102m, just ahead of expectations.

Shares in the fast-growing retailer have slumped this year after the firm missed analysts’ forecasts.

However, Asos maintained its guidance for the current year despite record investment.

Chief executive Nick Beighton said : “The potential for our business is huge and we remain focussed on building Asos into the world’s number one destination for fashion-loving twentysomethings.””

Source – BBC News