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Asos revenue jumps 23 per cent in four months

UK based fashion marketplace Asos said its total revenue jumped 23 per cent during the four months to December 2020 to $2.39 billion (£1.36 billion), citing strong growth in Australia, the UK and the US.

The business remained more resilient than its leaders initially suspected, largely due to the continued relevance of its ‘lockdown’ category product mix and the move of customer demand online.

Asos’ active customer base spiked from 1.1 million to 24.5 million, while gross profit margin grew 90bps.

“We are really pleased with the strong performance we have delivered, which is testament to both the strength of our multi-brand model and the hard work of our people,“ said Asos chief executive Nick Beighton.

“We have continued to execute well and deliver for our customers, whilst investing into growing our business and driving further efficiency through a strong operational grip.”

Beighton also noted that despite the success Asos wouldn’t change its outlook moving forward, citing the difficulties in understanding what 2021 will bring. And, the fallout of Britain’s exit from the EU is expected to cost the business $26 million in tariffs.

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