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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.

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