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ASOS reports 37% rise in underlying profit

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Staff Writer | October 18, 2016
ASOS reported a 31% fall in fiscal 2016 pretax profit after booking a number of one-off items.
ASOS   Retail sales grew 26% to 1.4 billion pounds
The company said it is accelerating investment in both logistics and technology as it continues to target growth opportunities.

Stripping out the items underlying pretax profit is up 37% the company said, adding that the pace is continuing in the new financial year and it looks forward with confidence.

Retail sales grew 26% to 1.4 billion pounds ($1.71 billion), with strong performances in the U.K., where sales lifted 27%, continental Europe up 28% and the U.S., where sales rose by half. ASOS said it expects growth in sales to remain in the previously guided range of 20% to 25%.

For the year ended Aug. 31 ASOS made a pretax profit of GBP32.7 million, compared with GBP47.5 million a year earlier, on revenue that was 26% higher at GBP1.44 billion.

Adjusted pretax profit, which strips out costs of closing its in-country China operation and a legal settlement, climbed to GBP63.7 million, from GBP46.4 million beforehand.