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UPDATE 1-ASOS upgrades sales and profit outlook on strong demand

Wed, 12th Aug 2020 07:47

(Adds detail)

LONDON, Aug 12 (Reuters) - British online fashion retailer
ASOS on Wednesday forecast full year sales and profit
significantly ahead of market expectations, saying it was
benefiting from stronger than anticipated underlying demand.

It said revenue growth for its 2019-20 year was now expected
to be between 17% and 19% with pretax profit in the region of
130 million pounds to 150 million pounds ($170-$196 million).

ASOS made a pretax profit of 33.1 million in 2018-19.

Several British clothing retailers, including Next
and Superdry, have recently reported better than
expected trading as Britain emerged from coronavirus lockdown.

ASOS, whose fast fashions are particularly popular with
shoppers in their twenties, said it had also benefitted from
less clothing products being returned.

That reflected robust demand for "lockdown" categories, such
as activewear, and a prolonged shift in customer behaviour
towards more deliberate purchasing.

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

Shares in ASOS, up 25% so far this year, closed Tuesday at
4,220 pence, valuing the business at 4.2 billion pounds.

($1 = 0.7668 pounds)
(Reporting by James Davey; editing by Kate Holton and Sarah
Young)

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