The online fashion retailer ASOS has reported a 275% increase in first-half profit, driven by the popularity of e-commerce during the COVID-19 pandemic.
ASOS, which sells fashion aimed at 20-somethings, has traded through coronavirus lockdowns while store-based rivals have had to close shops. It also benefited from fewer products being returned by shoppers, as well as investment in product, pricing and marketing.
The group made an adjusted pretax profit of £112.9 million for the six months to Feb. 28, up from £30.1 million pounds in the first half of its 2019-20 year.
Sales rose 25% at constant exchange rates to £1.98 billion as its active customer base increased by 1.5 million to 24.9 million.
ASOS said its expectations for its full 2020-21 year had increased in line with the first-half performance, with its outlook for the second half unchanged.