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ASOS reports 37% rise in underlying profit

Staff Writer |
ASOS reported a 31% fall in fiscal 2016 pretax profit after booking a number of one-off items.

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The company said it is accelerating investment in both logistics and technology as it continues to target growth opportunities.

Stripping out the items underlying pretax profit is up 37% the company said, adding that the pace is continuing in the new financial year and it looks forward with confidence.

Retail sales grew 26% to 1.4 billion pounds ($1.71 billion), with strong performances in the U.K., where sales lifted 27%, continental Europe up 28% and the U.S., where sales rose by half. ASOS said it expects growth in sales to remain in the previously guided range of 20% to 25%.

For the year ended Aug. 31 ASOS made a pretax profit of GBP32.7 million, compared with GBP47.5 million a year earlier, on revenue that was 26% higher at GBP1.44 billion.

Adjusted pretax profit, which strips out costs of closing its in-country China operation and a legal settlement, climbed to GBP63.7 million, from GBP46.4 million beforehand.

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