COVID-19: ASOS profits leap 275% as pandemic restrictions drive fashion sales online

ASOS, the online fashion retailer, has reported a 275% leap in half-year profits as it benefits from coronavirus restrictions that have hammered high street rivals.

The company, which snapped up the Topshop, Topman, Miss Selfridge and HIIT brands earlier this year following the collapse of Sir Philip Green’s Arcadia empire, reported a 24% increase in revenue during the six months to 28 February.

The sum came in just shy of £2bn – aided by a 39% rise in the UK and growth in the EU and US of 18% and 16% respectively as much of the world remained mired by intermittent COVID-19 lockdowns.

ASOS said the pandemic drove a 1.5 million rise in its active customer base over the six months, almost hitting 25 million.

It reported an adjusted profit before tax, which included the impact of the deal to give the former Arcadia brands an online-only future, of £112.9m compared to £30.1m in the same period 12 months earlier.

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