ASOS reports 37% rise in underlying profitStaff 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
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. ■