Sales jump but profits plunge at Asos – Independent.ie

(Stock image)
(Stock image)
Independent.ie Business Desk

Online fashion giant Asos has seen a 13pc jump in sales to £2.73bn (€3.2bn), although pretax profits plunged 68pc to just £33.1m (€38m) in the year to August 31 in a year that has seen two profit warnings.

In total, 72.3 million orders were placed, with sales in the UK growing the most, up 15pc, followed by a 12pc rise in the European Union and 9pc in the United States.

The rest of the world was up 12pc, the company said.

Asos chief executive Nick Beighton said the more significant problems of the last 12 months are now behind them. He added: “This financial year was a pivotal period for Asos, where we have invested significantly and enhanced our global platform capability to drive our future growth.

“Regrettably this was more disruptive than we originally anticipated. However, having identified the root causes of our operational issues, we have made substantial progress over the last few months in resolving them. Whilst there remains lots of work to be done to get the business back on track, we are now in a more positive position to start the new financial year.”

PA Media