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ASOS profit soars, says confident on coming year
October 18, 2016 / 6:20 AM / a year ago

ASOS profit soars, says confident on coming year

LONDON, Oct 18 (Reuters) - ASOS, the British online fashion retailer, on Tuesday reported a 37 percent rise in annual profit after strong growth across its UK, U.S. and European markets, and said it was confident on its new financial year.

ASOS posted underlying pretax profit of 63.7 million pounds for the year to August 31, slightly ahead of analysts’ average forecast of 62 million, and a big rise on the 46.4 million pounds it posted last year.

The higher profit came as sales rose by 26 percent across its UK and international markets, and after it benefited from the weakening of sterling versus the U.S. dollar and euro in the wake of Britain’s vote to leave the European Union in June.

Recently, ASOS has been under fire from unions and media over working conditions at its main warehouse in northern England, but said in its statement that such commentary was inaccurate and misleading.

Reporting by Sarah Young, Editing by Paul Sandle

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