ASOS profit jumps 275% on strong pandemic demand By Reuters

LONDON (Reuters) – British online fashion retailer ASOS (LON:ASOS) on Thursday reported a 275% increase in first half profit, driven by the popularity of e-commerce during the COVID-19 pandemic.

ASOS, which sells fashion aimed at 20-somethings, made an adjusted pretax profit of 112.9 million pounds ($155.3 million)for the six months to Feb. 28, up from 30.1 million pounds in the first half of its 2019-20 year.

The group said the profit outcome included a net COVID-19 benefit of 48.5 million pounds.

Total sales rose 25% at constant exchange rates to 1.98 billion pounds.

ASOS said its expectations for the full 2020-21 year had increased in line with the first half performance, with its outlook for the second half unchanged.

($1 = 0.7268 pounds)