Aug 12, 2020
Asos ups forecasts amid lockdown sports gear boom
Online fashion retailer Asos has said "Stronger than anticipated" demand for its clothes has continued even as High Street rivals reopened after lockdown. Customers had not been returning items at anything like the rate Asos was expecting, it said in a statement. The retailer now forecasts revenue growth of 17% to 19% for this financial year, with pre-tax profits now expected to be in the range of £130m to £150m. In its trading update, Asos said people had been sending back fewer items during lockdown and it had expected return rates to increase after restrictions were lifted. Asos said the lower return rates were also down because of "a prolonged shift in customer behaviour towards more deliberate purchasing across all product categories, even when sales momentum has improved". Mr Tomlinson added: "While Zalando expects return rates to revert back to pre-Covid levels, Asos are not seeing this dynamic play out at the rate they were expecting."
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