Asos has reported a nosedive in its profit before tax despite strengthening sales in its full-year results, with boss Nick Beighton warning of more work ahead to turn the business around.
For the year to August 31, 2019 the pureplay fashion retailer reported profit before tax of £33.1m, down 68% from the same period in 2018, which the business blamed on “substantial transition and restructuring costs”.
However, after a year in which Asos made a number of profit warnings, the retailer reported a 13% increase in group revenues to in excess of £2.7bn and in retail sales to £2.6bn.
Asos also reported an 8% uptick in gross profit to £1.3bn.
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