Plus   Neg

ASOS Lifts FY20 View; Now Sees Profit, Sales Significantly Ahead Of Market

ASOS Plc (ASOMY.PK,ASOMF.PK,ASC.L), an online retailer, Monday said it has continued to deliver a strong operational performance and year-on-year improvements in profitability in fiscal 2020. Sales and profit for the full year are now expected to be significantly ahead of market expectations.

The company previously said its profit for the year would be towards the top end of market expectations.

In its trading update, the company said it expects annual profit before tax in the region of 130 million pounds to 150 million pounds. Revenue growth is now expected to be between 17 percent and 19 percent.

ASOS now said the improvement in expectations is supported by stronger than anticipated underlying demand and the continuation of the beneficial returns profile.

Looking forward, the company said the consumer and economic outlook remains uncertain and it is unclear how long the current favourable shopping behaviour will persist.

The extent of its current outperformance and any impact beyond this financial year will be driven by how customer shopping behaviour normalises.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Amid the growing climate crisis, Walmart said it is raising its ambition to zero emissions by 2040, without the use of carbon offsets, across its global operations. The retail giant, along with the Walmart Foundation, also committed to help protect, manage or restore at least 50 million acres of land and one million square miles of ocean by 2030. The European Commission said Friday that it has signed a deal with Sanofi and GlaxoSmithKline to secure up to 300 million doses of their potential COVID-19 vaccine. Acella Pharmaceuticals recalled certain lots of hypothyroidism medication NP Thyroid in the form of tablets due to super potency, the U.S. Food and Drug Administration said in a statement. The company is recalling one lot of 15mg and one lot of 120mg of NP Thyroid that are packaged in 100 count bottles in strengths of 15 mg, and 120 mg, with expiration dates between October 2020 and November 2020.
Follow RTT