Asos quadruples profits, but shares plunge on ‘cautious’ demand note

  • Asos posted a record 329% increase in pretax profit to £142.1 million ($184 million) in the year to August.
  • This was mainly down to it cutting around £50 million ($65 million) of costs.
  • Sales of sportswear, skincare, and makeup also boomed during lockdown.
  • But it said it was “cautious on the outlook for consumer demand” because of pressure on the disposable incomes of its customers, who are mainly in their 20s.
  • Asos shares fell by 9%, set for their largest one-day fall since mid-March.
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Asos more than quadrupled its profits in the year to August thanks to cost-cutting measure and a sportswear boom during lockdown, it announced on Wednesday.

But it warned that its target market, people in their 20s, were struggling economically. It was “cautious on the outlook for consumer demand, and will remain so until lifestyles and financial stability for our

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