ASOS yet to feel the pinch
17 November 2008 09:04
ASOS has defied the economic gloom by reporting yet another set of successful results.
In the six months to September 30th, the company saw sales rise 107% to £65.7 million, with pre-tax profits up 68% to £4.1 million.
The total number of product lines was also up 238% year on year to 19,400 as at October 31st whilst the number of brands offered by the online retailer increased 135% year on year to 700 as at 31 October 2008. The company also increased its number of active customers up 95% year-on-year to 947,000 as at October 31st.
ASOS is rapidly becoming the market leader in the UK online fashion world.
Established in June 2000 and admitted to AIM in October 2001, ASOS.com is the UK's largest independent online fashion and beauty retailer.
In a statement to the stock exchange, the company's chief executive Nick Robertson said: "Despite adverse economic conditions, we have, with our strong balance sheet and operational cash flows, continued to invest in a number of customer focussed and strategic initiatives to support future growth.
"We are convinced that international expansion is a huge growth opportunity for ASOS. To this end we will be appointing Jon Kamaluddin, currently finance director, to the role of international director. Jon will continue in his existing role until a suitable replacement is found. We also intend to strengthen our board with the appointment of two additional non-executive directors in due course".
He continued: "So far ASOS is proving resilient to the slowdown in consumer spending and sales for the seven weeks to 16 November 2008 are 104% ahead year-on-year. Nevertheless, as stated at the time of the AGM, we face tougher second half comparables and need to trade through the all-important Christmas period. The board is pleased with the progress that ASOS has made to date with the company continuing to trade in line with the board's expectations. We view the coming months with cautious optimism".
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