Asos shares and profits surge as retailer looks to ‘bigger prize’


The boss of Asos says the online retailer is eyeing a “significantly bigger prize” than its £4bn sales target as it unveiled bumper profits.

Chief executive Nick Beighton said investment would continue once the £4bn net sales target had been met as it looks to feed the huge demand for online shopping.

It came as pre-tax profits at Britain’s largest online-only retailer climbed 28pc to £102m for the year to August, beating market expectations.

That sparked a rebound in the company’s share price, which surged 15pc to record its biggest one-day jump in three years to £57.60.

Asos shares have languished since the start of the year. Investors punished the retailer in July when it warned that its runaway…

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