Coronavirus impact: 12 Aug - ASOS marches on but 7digital is pick of the day
Fashion-loving 20-somethings around the world continue to like ASOS driving the shares to year highs, but 7digital ‘trills’ the market with a big contract win
ASOS: ahead of expectations againAn impressive pre-close trading update from ASOS (LON:ASC) for its financial year ending August 2020 saw the shares climb to year highs. Sales and profit for the full year are expected to be significantly ahead of market expectations with growth now expected to be between 17% and 19% and pre-tax profit of £130m-£150m, a meaningful improvement on last year’s £33m. The online retailer for “fashion-loving 20-somethings around the world” had expected to see underlying returns normalise once lockdown measures eased and customers were more easily able to return goods, but returns have not been increasing at…