Online fashion retailer Asos saw its annual profits more than quadruple after it cut costs and saw customers return fewer items during the pandemic.
Asos saw its pre-tax profits hit £142.1m for the year ending August 31, up 329% from £33.1m during the previous year.
Sales jumped 19%, with UK sales increasing by 18%.
The company saw its costs soar due to the pandemic but countered the issue by making savings across the group. Customers also shopped far more carefully, meaning Asos saw fewer returns.
However, the business remained cautious about the future, pointing out that the "“economic prospects and lifestyles of 20-somethings remain disrupted” due to the coronavirus crisis.
Nick Beighton, chief executive of Asos, said: “Life for our 20-something customers is unlikely to return to normal for quite some time.”
But he added that the company had made greater efficiencies and created a "more resilient and agile business".
The group upped its full-year profit outlook in August as it said customers were being more careful about what they buy to avoid sending clothes back during the crisis.
It said shoppers were returning fewer items because they have changed what they buy on the site, switching from formalwear to products such as activewear and mascara, which are less likely to be sent back in normal times.
Asos said UK customer numbers rose 11% over the year to 7 million.
