ASOS profit jumps 275% amid online boom

British online fashion retailer ASOS has reported a 275% increase in first-half profit.

It's reaping the rewards of surging demand for online shopping during the global health crisis.

It says it's also benefited from fewer products being returned by shoppers, as well as investment in pricing and marketing.

The group made an adjusted pretax profit of over $155 million for the six months to February 28th.

Sales rose 25% as its active customer base increased by 1.5 million to almost 25 million.

The company though said it was retaining caution on the near term outlook due to uncertainty over the economic prospects of its 20-somethings customer base.

As well as the timing of global restrictions lifting.

In February, ASOS bought brands including Topshop and Topman from the administrators of Philip Green's collapsed Arcadia group.

On Thursday the company said it was "highly likely" to acquire more brands.

ASOS shares are up 21% this year, though they fell around 3 percent in late morning trade Thursday.

Video Transcript

- British online fashion retailer, ASOS, has reported a 275% increase in first-half profit. It's reaping the rewards of surging demand for online shopping during the global health crisis. It says it's also benefited from fewer products being returned by shoppers, as well as an investment in pricing and marketing. The group made an adjusted pre-tax profit of over $155 million for the six months to February the 28th. Sales rose 25% as its active customer base increased by 1 and 1/2 million to almost 25 million.

The company, though, said it was retaining caution on the near-term outlook due to uncertainty over the economic prospects of its 20-somethings' customer base, as well as the timing of global restrictions lifting. In February, ASOS sport brands including Topshop and Topman from the administrators of Philip Green's collapsed Arcadia group. On Thursday the company said it was highly likely to acquire more brands. ASOS shares are up 21% this year, though they fell around 3% in late morning trade Thursday.