Asos profit up 41pc
Online fashion firm ASOS posted a 41 per cent rise in year profit, boosted by international expansion, and said it was on track to deliver on a plan for £1bn of sales by 2015.
ASOS, which targets internet-savvy 16 to 34-year-old women looking to emulate the designer looks of celebrities like Kate Moss, Sienna Miller and Alexa Chung, but at a fraction of the price, said on Thursday it made an underlying pretax profit of 28.6 million pounds in the year to March 31.
Group revenue increased 52 per cent to £339.7m, with UK retail sales up 25 per cent and international sales up 142 per cent, benefiting from the launch of United States, French and German websites.
While many retailers have struggled against tough macro headwinds, ASOS has prospered, benefiting from a young core customer base and the migration of spending from the high street to the Internet.
“We remain positive in our outlook for 2012 and are excited by the opportunities for both our UK and international businesses,” said chief executive Nick Robertson.