Can the ASOS share price keep rising?
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Online fashion retailer
ASOS(LSE: ASC) posted a great set of first-half results this morning that showed a significant increase in profits.
Here, I’m going to take a look at those H1 results. I’ll also discuss what I think they could mean for the ASOS share price going forward.
US$12.3 TRILLION out of thin air…
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ASOS: a huge rise in profits
The H1 numbers from ASOS today are impressive, in my view. For the six months to 28 February, group revenue was up 25% at constant currency to £1,975.9m, while adjusted pre-tax profit leapt 275% to £112.9m. Diluted earnings per share (EPS) came in at 81.9p, up 198% year-on-year.
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IT teams at Asos.com face absorbing massive stock and brand data in the company s £295m acquisition spree while at the same time finishing a global retail e-commerce system project.
The day after the go-live deadline for the online fast-fashion retailer s new Truly Global Retail (TGR), the company announced the acquisition of high-street brands Topshop, Topman, Miss Selfridge, and HIIT from failed retail group Arcadia in a deal worth £295m.
Asos said it will use its existing warehouse and technology infrastructure to absorb the stock – annual revenue at Topshop alone has been around £800-900m in the last few years. In a statement, the online-only retailer said it would be transforming the digital experience through full integration into the ASOS platform.