Shares of British online fashion and cosmetics retailer ASOS Plc (LON: ASC) today jumped 10% higher after announcing that its full-year revenues are set to grow 17-19% leading to a pretax profit in the £130 – £150 million range.
In an update to investors, the company said that its full-year results would be “significantly ahead of market expectations” due to “stronger than anticipated underlying demand.”
It also noted that return rates had dropped significantly since April as customers bought lockdown clothing items such as activewear, and face and body items.
The firm added that “The second half has been a period of tremendous change for ASOS, we have made real progress and shown resilience through the period and are exiting the year in a strong position. We have a robust balance sheet, with a differentiated product offer and global infrastructure to leverage.”
ASOS Plc share price
ASOS shares today rose 10.76% to reach a high of 4673p having closed yesterday’s session at 4219p.