Asos sales in overseas rise
ONLINE clothes retailer Asos yesterday announced plans to launch three new international websites as it reported a 41 per cent profit rise for the full year.
The company said it had been boosted by international expansion and said it was on track to deliver on a plan for £1bn of sales by 2015.
Chief executive Nick Robertson said the company would be unveiling sites in Australia, Spain and Italy.
The company’s figures for the year to 31 March showed UK retail sales up 25 per cent and international sales up 142 per cent, benefitting from the launch of United States, French and German websites.
Robertson said: “Our international performance has been very strong. We think the Australian site will be particularly strong because of the differences in seasons they benefit from a lot of cut price stock.”
Robertson said that despite City talk there were no suitors seriously circling to make an offer for the company, which is investing in growth rather than paying dividends.
Despite yesterday’s sales and profit rise the stock took a hit with the AIM-listed company’s shares closing 8.3 per cent lower at 2,144p yesterday. The drop was linked by some analysts to a statutory pre-tax profit fall of 23 per cent to £15.7m because of £12.9m in exceptional charges linked to the introduction of a new warehouse. Singer’s Matthew McEeachran said: “The exceptional charge for warehousing is a little bigger than we expected.”
However Robertson said: “We have had a good year and there is growth in the UK and overseas ahead.”