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PRIVACY
Retail & Consumer

Asos profits and revenues rocket as online fashion firm reaps rewards of lockdown

Asos sales reached almost £2bn during the latest lockdown - but CEO Nick Beighton says he's looking forward to shops reopening

A customer shopping at Asos(Image: Tim Goode/PA Wire)

Profits soared by more than 250% at online fashion giant Asos as the latest Covid-19 lockdown kept high street stores closed.

Revenues at the retailer jumped 24% to £1.98bn in the six months to the end of February, with pre-tax profits up 253% to £106.4m.

Asos' º£½ÇÊÓÆµ sales were up 39% to £800.4m, compared with 18% in the EU, 16% in the US and 16% in the rest of the world.

The business said it benefited particularly from strong º£½ÇÊÓÆµ sales during the period - which covered the second English lockdown in November, the subsequent tiering and eventual third lockdown.

High street fashion rivals have been unable to open their doors throughout 2021 so far, but will be allowed to welcome back customers from next Monday.

The firm said: "Overall we saw a net Covid-19 tailwind of £48.5m- a benefit which we expect to reverse once we see restrictions lifted on the hospitality and tourism sectors."

The integration of the Topshop brands, which Asos bought out of administration earlier this year, is also progressing to plan, the company said, having relaunched the brands three weeks after acquiring them.

CEO Nick Beighton told the BBC the firm took on 300 of the brand's former staff as part of the acquisition, which took six weeks to complete.