Online shopping giants are celebrating a boom in profits today as the High Street gets set to see yet more tumbling sales in the face of another lockdown.
While Britain’s High Streets may have suffered irreparable losses in the face of the coronavirus pandemic, online stores have seen a surge in orders with fashion giants Asos and schlaf tabletten Boohoo leading the way.
Asos has seen its profits more than quadruple, buoyed by higher demand as customers are forced to shop on the internet and return fewer items amid the crisis.
The firm reported pre-tax profits of £142.1 million for the year to August 31, up 329% from £33.1 million a year earlier, as sales jumped 19% including 18% growth in the UK.
Online takeaway platform Just Eat today revealed that hungry households in the UK ordered 46.4 million takeaways in the three months to the end of September.
The number of orders it received leapt from 103.6m to 151.4m from July to September – sending shares surging to a record high of 9410p, making it worth almost £14bn.
Supermarkets also recorded their busiest week since March as families prepared for new lockdown restrictions, according to the latest industry figures. Web sales grew by 76% year-on-year with a fifth of all households ordering food online.
Britons spent an extra £261m on alcohol as the 10pm curfew for bars, pubs and restaurants came into force on September 24 and the Eat Out to Help Out scheme ended.
But while online outlets see profits soar, the future of the high street is hanging in the balance as a second lockdown looms.
A fifth of business bosses in the UK have warned they will need to axe up to 10 per cent of their workforce by the end of the year, a new survey has revealed.
Asos has seen its profits more than quadruple as customers are forced to shop online and return fewer items amid the crisis
Just Eat’s market value has soared skywards