Tuesday, 14 July 2020

ASOS ups investment as sales grow 27 percent

A model walks on an in-house catwalk at the ASOS headquarters in London

LONDON: Online fashion retailer ASOS said it would step up its investment in logistics and distribution after reporting a 27 percent rise in first-half sales on Wednesday and forecasting similar growth in the second half.

The British company, which targets twenty-something shoppers, reported retail sales of 1.13 billion pounds, and pretax profit of 29.9 million pounds, just shy of average market forecasts.

Chief Executive Nick Beighton said the company was trading strongly, with visits to its site exceeding 1 billion in the six months to end-February for the first time.

“Alongside our investment in our people and our technology, we are accelerating investment in our distribution and logistics, laying the foundation for 4 billion pounds of net sales,” he said.


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