Asos returns to profit despite cyber attack

Asos has returned to profit as the fast fashion seller s turnaround continues to gain pace, despite the impact of a cyber attack last month. The London-listed retailer said its decision to pause some marketing and customer-related activity in the aftermath of the incident resulted in a “short-term disruption to trading, estimated at between two and four per cent of the group’s gross merchandise value (GMV) in the year so far. Chief executive José Antonio Ramos has been leading turnaround efforts to reduce the retailer’s stock, simplify its supply chain and boost its margins. Investors have been buoyed by the group’s use of artificial intelligence to get ahead of fashion trends, harking back to its original purpose as a destination for clothing inspired by celebrity looks. Asos swung back into the black in the year to the end of August, posting a £24.4m pre-tax profit, compared to last year’s £282m loss. The group’s £46.4m adjusted loss before tax was better than the £61m f