UK-based online fashion retailer ASOS has announced a 37 per cent surge in its annual profit. The company recorded an underlying pretax profit of £ 63.7 million for the year ended August 31, 2016 as against £ 46.4 million in the previous year. The growth is driven by the retailer’s strong performance in UK, US and European markets.
Its overall retail sales zoomed 26 per cent to £ 1.4 billion; sales in continental Europe was up 28 per cent; 27 per cent in UK; and in US sales soared by 50 per cent. The retailer is expecting growth in sales to remain in the previously guided range of 20-25 per cent in the financial year ahead. “We are an export business. Increased input costs will be more than offset by our international business and we expect to prosper from a weaker sterling,” commented Nick Beighton, Chief Executive Officer of ASOS.
Also Read – ASOS pays Euro 20.2 million over trademark dispute
It may be noted that ASOS brings in about 4,000 new styles every week, which keeps the shoppers interested in the retailer’s offering. In past one year, ASOS added 233 new brands to its ranges. “The addition of labels has worked well. We now advice brands on product extensions and product developments, and we work with them to develop exclusives for us and for them,” Nick added.
Bharat Tex Special Report 2026 
