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UK News Asos profits skyrocket by 253% to £106m during lockdown

12:30  08 april  2021
12:30  08 april  2021 Source:   dailymail.co.uk

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Asos today revealed its global sales and profits have rocketed as people shopped online during lockdown in increasing numbers, especially in the UK. The fashion giant's revenues jumped 24% in the six months to the end of February to £ 1.98billion compared with the same period a year ago, while pre-tax profits soared 253 % to £ 106 .4 million. Sales in the UK, during the period that saw a second lockdown in England in November, the introduction of tiering and the subsequent current lockdowns in place throughout 2021, were particularly strong - up 39%, compared with growth of 18% in the EU and

Online fashion retailer Asos has reported a 329% rise in annual profits after sales held up thanks to demand for casual clothing and sportswear during lockdown . Revenues rose 19% for the year to the end of August - a slight slowdown compared to the 21% growth in the first half of the year, with smart and "going out" clothes becoming harder to shift. Image: Asos grew its customer base to 23 million Pic: Asos . It added up to a £ 45m boost to the business's bottom line, helping pre-tax profits grow to £ 142m compared to £ 33m a year earlier.

a man using a laptop computer: MailOnline logo © Provided by Daily Mail MailOnline logo

Asos today revealed its global sales and profits have rocketed as people shopped online during lockdown in increasing numbers, especially in the UK.

The fashion giant's revenues jumped 24% in the six months to the end of February to £1.98billion compared with the same period a year ago, while pre-tax profits soared 253% to £106.4 million.

Sales in the UK, during the period that saw a second lockdown in England in November, the introduction of tiering and the subsequent current lockdowns in place throughout 2021, were particularly strong - up 39%, compared with growth of 18% in the EU and 16% in the US.

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The online fashion specialist Asos more than quadrupled profits as its mainly twentysomething shoppers snapped up comfy casual wear and skincare products during lockdown . Asos also said that the company could be saddled with £ 25m of extra costs from World Trade Organization tariffs in the event of a no-deal end to Brexit transition in January. Sales rose by 19% to £ 3.3bn, the top end of expectations, in the year to 31 August and the company said the increasing popularity of beauty products and less fitted clothing, such as jogging pants and sweatshirts, had led to fewer items being

Asos reported a quadrupling in pre-tax profit to £ 142.1m in the year to August 31. UK ordered 46.4 million takeaways in the three months to the end of September. Housebuilder Barratt Developments notched up a 24% hike in sales since July. Kantar says 1 in 5 households ordering groceries via Online shopping giants are celebrating a boom in profits today as the High Street gets set to see yet more tumbling sales in the face of another lockdown . While Britain's High Streets may have suffered irreparable losses in the face of the coronavirus pandemic, online stores have seen a surge in orders

Asos added it has seen its active customer base increase to 24.9 million - up 1.5 million in the six-month period, although profit margins on products sold fell 200 basis points - or 2% - 'driven by increased freight costs due to Covid-19 disruption, foreign exchange movements and continued 'lockdown' category product mix', the company said.

Bosses said they also believed Asos benefitted to the tune of £48.5million from the Covid-19 pandemic, adding 'a benefit which we expect to reverse once we see restrictions lifted on the hospitality and tourism sectors'.

a man using a laptop computer: ASOS has continued its recent stellar spell with a surge in earnings and sales as further lockdown restrictions have kept its shoppers from returning to UK high streets © Provided by Daily Mail ASOS has continued its recent stellar spell with a surge in earnings and sales as further lockdown restrictions have kept its shoppers from returning to UK high streets

Anders Holch Povlsen is the fabulously wealthy owner of the international fashion business Bestseller and the biggest shareholder in ASOS, who bought Topshop in a cut-price £330million deal in February.

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Profits at Asos more than quadrupled as young shoppers stocked up on stay-at-home outfits during lockdown . The online retailer posted pre-tax profits of £ 142 million for the year to August 31 compared to £ 33.1 million in 2019. The figure is £ 10 million higher than analyst consensus; the City had More than three million new customers bought clothes from Asos during the year, taking its total customer number to 23.4 million and driving sales 19 per cent higher to £ 3.26 billion during the year. The retailer said that it had had a “solid start” to the new financial year, with its warehouse capacity operating at

"Agile ASOS has benefitted from its quick response to the pandemic, pivoting its product offer and reaping the rewards," she said. "Without the hindrance of physical locations, Asos has been able to focus on marketing and stocking its most relevant lockdown products such as sportswear, loungewear and beauty." However she predicted that as life returned to normal next year the firm's "young, tech-savvy customers" would return to their previous habits, returning a higher proportion of the items they order.

The Danish retail mogul, 48, worth £6.1billion but known for liking a whisky down the pub and driving a bashed up VW Golf, is Scotland's richest man with around 220,000 acres of the Highlands under his control after he started buying up some of the country's grandest estates 14 years ago.

As a result, the reclusive Dane has become Britain’s biggest private landowner, making Prince Charles, who owns a paltry 130,000 acres in the UK, look like a veritable pauper.

Povlsen became enchanted with Scotland when one summer in the 1980s the young boy from Denmark went fly fishing in the Scottish Highlands with his parents and brother.

Some have called it the most expensive family holiday in history because three decades later he has spent £100million quietly turning himself into a real-life Monarch of the Glen.

With his wife Anne, 43, they have formed a '200-year vision' for their estates, which involves rewilding the land. In the vision, Povlsen said he planned to pass the estate along to his four children and that they would continue his work.

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'Today's data shows that even during lockdown , our labour market was bouncing back. 'The strong temporary recruitment trend of the past few months has been maintained, but with a new addition – the fastest increase in permanent job placements since 2015. There is also evidence recruiters are placing more people in work as businesses start returning to normal because of lockdown measures easing. Permanent job opportunities in recent weeks showed the biggest increase for almost six years, said KPMG, while pay rates increased for the first time in three months.

But their dream was hit by tragedy when three of their four children were killed in the Easter Sunday bombings in Sri Lanka in 2018. Alfred, Alma and Agnes all died. Only their youngest daughter, Astrid, then ten, survived the attacks and the couple said that they remain 'genuinely grateful' that she is still alive.

In an open letter posted after their deaths, Mr Povlsen and wife Anne Storm Pedersen wrote that the project will take longer than a lifetime to complete and so would be carried on by their children after they died.

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He wrote: 'From our home at Glenfeshie, both Anne and myself – our children and our parents too – have long enjoyed a deep connection with this magnificent landscape.

'As the holdings have grown and our common vision for the work becomes ever clearer, we have incorporated the entirety of the project into a venture we call Wildland.

'It's a significant and lifelong commitment that we have made - not just for ourselves but for the Scottish people and Scottish nature too - a commitment which we believe in deeply'.

He began building this ever-growing property portfolio 14 years ago, in the autumn of 2006, with the £7.9 million acquisition of Glenfeshie, a 42,000-acre patch of the Cairngorms National Park.

Two years later, he spent another £15.5 million acquiring the 23,000-acre Braeroy estate near Fort William, nearby Tulloch, and Lynaberack in the Cairngorms. Four estates were added between 2011 and 2015, and another three in 2016.

His Scottish landholdings cover an area half the size of Worcestershire, and surpassed the mere 217,000 acres owned by the Duke of Buccleuch - Britain's biggest land owner before him.

Partial to a single malt and locally brewed real ale, he is known to visit local pubs in Scotland but rarely says much about himself.

Mr Povlsen's life as a Scottish laird is all a long way from the tiny Danish town of Brande, with a population of just 7,000, where Povlsen's father, Troels, opened the family's first clothes store in 1975.

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Other outlets soon followed. And Anders was only 27 when Troels made him the sole owner of Bestseller.

By 2007, it was so successful that supermodel Gisele Bundchen was hired to promote it.

Bestseller employs 15,000 people and boasts nearly 6,000 shops. He owns brands such as Jack & Jones and Vero Moda, and 27 per cent of ASOS.com, Britain's biggest internet fashion retailer.

Today it bought Topshop, Topman, Miss Selfridge and HIIT from the ashes of Sir Philip Green's Arcadia.

In addition to ‘re-wilding’, the billionaire has poured millions of pounds into converting lodges, cottages and farmhouses into upmarket holiday retreats on his estates.

This has largely been the job of Anne, a willowy brunette with a passion for interior design. In dozens of buildings across the 11 estates, she has torn down the fusty tartan curtains of traditional Highland properties and created fashionable, modern rooms which look like they belong in an IKEA catalogue.

For £300 a night, members of the public can stay in the resulting homes, some of which are run as small hotels by the couple’s firm, Wildland Ltd.

In a rare interview with The Times Anne said the style of her holiday destinations is epitomised by ‘a lack of clutter. You can’t relax if you are surrounded by stuff’.

According to Wildland’s accounts in 2018, the estates are worth £115million combined.

By a quirk of Danish law, they represent a nice earner for the country’s exchequer, since it charges tax on all land owned, anywhere in the world, by its citizens. Each year, Povlsen must write a cheque for upwards of £3million.

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During re-wilding work a human skull and other bones dating back 2,500 years were unearthed by workmen on one of his Scottish Highlands estates.

The partial skeleton, from the Iron Age, was discovered by builders on the tycoon's 18,000-acre Eriboll Estate, in Sutherland.

He bought the Eriboll estate from the late James Clark - son of famous Conservative politician Alan Clark - in 2016.

Popular locally and a colourful character, Mr Clark also inherited his father's bluntness.

When a group of uninvited fishermen parked their cars on his estate, Mr Clark brought out a digger and, around the anglers' vehicles, dug a moat that they had to fill in before they could leave.

During the lambing season, he hung the carcasses of knocked-down lambs from road signs to demonstrate the effects of excessive speed. On one occasion Clark refused to sell a house on the estate in case it fell into the hands of an English person.

In 1998 the Povlsens were targeted by extortionist Kurt Hansen, who threatened to kill family members if he didn’t receive £1 million.

Hansen, then 34, sent the Povlsens letters, scratched his initials into cars and eventually broke into the family home and left a note a few yards from where they slept.

When he was arrested, he had handcuffs, tape, flammable liquids and a handgun in his possession.

In his home, officers found disguises, a book on poisoning and a secret room under the floorboards.

Then, in 2003, a close family friend was kidnapped in India — where Bestseller has factories — by a gang that mistook him for one of the Povlsens, and was rescued only after a car chase. A discreet 24-hour security team keeps the family safe.

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