ASOS puts high street retailers in the shade with 90% sales growth
28 April 2008 09:28
ASOS has seen another period of astonishing growth, with sales in the year
ended March 31st up 90% to approximately £81 million. The company
added that profit before tax was expected to be slightly ahead of market
expectations with sales for the four weeks to April 27th up 80%
year-on-year.
In a trading update, Nick Robertson, chief executive, commented: "I am
delighted to report sales of approximately £81m for the year ended 31 March 2008,
a 90% increase on the previous year. Consequently, we expect our profit before
tax to be significantly ahead of market expectations, before accounting for a
one off charge of approximately £1.1m relating to the closure of our old warehouse.
After this charge, we expect our profit before tax to be slightly ahead of
analysts' forecasts. Our gross margin performance will be in line with previous
guidance.
"I can also confirm that the new financial year has started positively with
sales for the four weeks to 27 April up approximately 80% year on year. Despite
the uncertain economic conditions, I remain optimistic about the prospects for
ASOS. We continue to benefit from the increasing popularity of online shopping
and we have made considerable investments in management, infrastructure,
product ranges and marketing to support and sustain future growth".
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