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29 June 2009

Profits soar at ASOS

Online fashion retailer ASOS has revealed pre-tax profits soared 93% to £14 million in the year to 31 March. Total sales doubled to £165.4 million in the period, up from £81 million the previous year, with sales in the 13 weeks to 26 June increasing 52%. The retailer said it expects another year of strong growth. During the year international sales rocketed by 303% to £32.2 million.

Chief executive Nick Robertson said that there is evidence the rate of growth in online sales has begun to moderate. He said: “We are firmly established as the UK’s premier online fashion business and I remain positive about the outlook for ASOS. It is clear that the structural shift to online continues and I believe that ASOS is ideally placed to exploit it. I expect our international business to grow substantially in the years to come.”

The retailer launched ASOS Outlet in September 2008, a dedicated online store within ASOS selling separately sourced, last season’s fashion at up to 70% off. In February this year ASOS launched Designer Brands at ASOS and childrenswear brand Little ASOS. Mr Robertson, who owns 14% of the equity, said a move for ASOS from AIM to the main market was likely at some point.