Spectacular ASOS growth despite tough comparatives
29 June 2009 09:34
Despite acknowledging that its rate of growth is beginning to slow, online fashion store ASOS has delivered another hugely impressive set of trading figures, with annual profits almost doubling.
In the year ended March 31st, the company saw an increase of 104% in sales, with international sales up 303% to £32.2 million. Meanwhile, pre-tax profits were up 93% to £14.1 million.
In the 13 weeks to June 26th, sales rose 52% although the company faced a comparable rise of 95% in the previous year.
Chief executive Nick Robertson said: "Clearly we are facing much tougher comparables, and there is now some evidence to suggest that the rate of growth in online sales has begun to moderate".
Lord Alli, chairman, added: "It gives me great pleasure to present another outstanding set of results for ASOS plc. Against the worst economic climate for retailers in recent memory, the Group has produced top line growth of over 100%, has again increased its market share and has delivered outstanding profit growth.
"It highlights the strength of the internet as a retail channel and its potential position in the retail landscape of the future.
"The outlook for 2009/10 remains uncertain. Whilst some indicators are showing positive signs, the effect of unemployment, job security and consumer debt has yet to be fully felt. Therefore, we have been more conservative in our planning for the 2009/10 financial year.
"That said, the future of online clothing retail remains bright, with the internet set to take an ever increasing share of the clothing market. ASOS is ideally positioned to continue to exploit this, both in the UK and increasingly internationally, and we remain confident that this will be another year of strong growth".
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