Asos has hailed a return to profitability as its turnaround strategy delivers, despite posting a 14% drop in revenue.
The online fashion giant said adjusted earnings before interest and tax went up more than £20m on year in the three months ended May 31, putting the retailer on track to achieve adjusted EBIT guidance of £40m to £60m in the second half of the year.
This was aided by roughly £200m of profit optimisation and cost savings in the year to date, with £300m of benefits targeted for the full year.
