ASOS reported a nearly 50% jump in first-half adjusted core profit on Wednesday, as cost cuts overshadowed a 9% decline in gross merchandise value, and helped lift gross margins.
The online fashion retailer has been trying to revive its fast-fashion appeal among its core twenty-something shoppers, while sharpening its focus on profitability through tighter cost control amid intensifying competition from cheaper Chinese rivals.
British retailers have been squeezed by weaker consumer spending as high inflation has curbed discretionary purchases.
UK inflation held steady at 3% in February, official figures showed on Wednesday, ahead of a likely uptick as the Middle East war pushes prices higher.
According to Reuters, ASOS said its GMV decline improved sequentially through the reported period, with its largest market - the UK - outperforming the group with a 5% decline.
The company also reiterated its annual profit guidance of 150 million pounds ($200.7 million)-180 million pounds.
