British online fashion retailer Asos’ FY21 sales jump 20%

British online fashion retailer Asos’ FY21 sales jump 20%



Asos, a British online fashion retailer, has reported a 20 per cent revenue growth to £3,910.5 million in FY21 ended on August 31, 2021, compared to the revenue of £3,263.5 million in the previous fiscal. For the upcoming fiscal, the company expects the sales to grow between 10 and 15 per cent, with PBT to be in the range of £110-£140 million.

Asos, a British online fashion and cosmetic retailer, has reported a 20 per cent revenue growth to £3,910.5 million in the FY21 ended on August 31, 2021, compared to the revenue of £3,263.5 million in the previous fiscal. For the upcoming fiscal, the company expects the sales to grow between 10-15 per cent, with PBT to be in the range of £110-140 million.

 

“Asos has delivered another strong performance, with continued growth in customer numbers driving further increases in sales and profits. Our success has been underpinned by our focus on delighting fashion-loving 20-something customers with greater choice, service, and engagement,” Mat Dunn, chief operating officer and CFO at Asos, said in a press release.

 

Gross profit for the year surged to £1,776.4 million (£1,547.4 million), while operating profit rose to £190.1 million (£151.1 million). The UK-based retailer’s profit for the period increased to £128.4 million (£113.3 million).

 

Regionally, sales from UK expanded 36 per cent to £1,652 million and US sales supported by Topshop brands increased 21 per cent to £466.2 million. Furthermore, sales from EU accelerated 13 per cent to £1,185.3 million, while Rest of the World registered 6 per cent sales rise to £607 million.

 

“Looking ahead, while our performance in the next 12 months is likely to be constrained by demand volatility and global supply chain and cost pressures, we are confident in our ability to capture the sizeable opportunities ahead,” Dunn added.

 

“In the last two years, we have transformed Asos with investment in infrastructure and the customer offer; we have generated strong revenue growth and free cash flow and improved structural profitability. But we know there is more to do and today we are setting out details of our ambitious plan to significantly increase Asos’s sales and profitability becoming a £7 billion business within three to four years,” Dunn concluded.

Fibre2Fashion News Desk (JL)





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