What: The online clothing sales group soared on the London Stock Exchange on Thursday after a return to profitability in Q3, despite a decline in sales.

Why it is important: The action jumped 13% to 370.00 pence in early trading.

In a press release on Thursday, the British online distributor announced a "return to profitability with earnings before interest and tax (Ebit) up by more than 20 million pounds over one year".

The group thus notes that it has lost 800,000 “active” customers since the first half of the year, but has seen its profitability per order increase by 30% since the start of the year.

Asos wants to continue on this trajectory, continue to reduce its inventory for the rest of the financial year and says it is confident that it will generate cash to reduce its net debt.

Asos soars on the stock market after its Q3 despite a decline in sales