Asos looks to double profitability following Beighton's shock exit

Over the course of the next three to four years, Asos said it was targeting £7.0bn in sales, equating to a compound annual growth rate of 15-20%, and an underlying earnings margin of at least 4%, underpinned by operational excellence initiatives of £50.0m to £100.0m.

Looking further ahead, Asos stated it was "confident" that strong sales growth could be sustained over the long-term and that margins could be "significantly enhanced" in all territories, leading it to forecast a profit margin of at least 8%, doubling its existing medium-term goal on the back of increased cost and scale efficiencies.

Asos stated that it sees "significant further growth potential", with a total addressable market of £430.0bn by 2030 in the UK, US, Europe and core territories in the rest of the world, and also highlighted that its own brands, enhanced by the AIM-listed firm's recent acquisition of the Topshop brands, were "an important global customer acquisition tool", with 60% of new customers putting an Asos brand in their basket.

As of 1045 GMT, Asos shares were up 3.38% at 2,661.73p.