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ASOS focuses on long-term profits

ASOS focuses on long-term profits

ASOS shares hit 18% whilst annual profits fell by 14%, following a major fire at its warehouse and a strong pound restricting success overseas, but ASOS focuses firmly on long-term investment.

Re-tax profits fell to £46.9m in the year to 31 August despite ASOS increasing sales by 27% to £955.3m.

A strong pound forced ASOS into promotional activity overseas, according to today's report.

ASOS shares rose 18% as investors bet that a difficult year, which included profit warnings, was over. ASOS is in a a period of major investment, which will cost short term, but offer them significant benefits in the future.

The company says it is "firmly focused on our next staging post of £2.5bn sales,"  according to a report on the BBC.

Last Tuesday the firm announced that it had promoted chief financial officer Nick Beighton to the chief operating officer role.

In June, ASOS briefly stopped trading after a fire at its warehouse in Barnsley.

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