ASOS continues growth
20 April 2010 10:17
ASOS has revealed continued growth, both in the UK and internationally, delivering total sales growth of 35% despite the recession.
In a trading update for the year ended March 31st, the company saw retail sales rise 38% to £206 million, with UK retail sales up 23% and international sales up 101% to make up 28% of total sales.
Consequently, the firm said that profit before tax for the year was expected to be in line with market expectations.
Since the year-end, sales have accelerated, with retail sales for the 19 days to April 19th up 56% (UK up 25%, international up 148%).
Nick Robertson, chief executive, commented: "It was another excellent year for ASOS, total sales rose 35% and profit before tax is likely to be in line with market expectations. The year was characterised by more conservative planning, specifically around stock levels, a focus on operational and financial controls and the introduction of key customer initiatives such as free returns. Simultaneously we have been developing our International business and remain on track to launch our US, French and German websites this year".
He added: "We are approaching this year with considerably more confidence. Demand for our spring / summer ranges have been very strong and the Internet continues to outperform the other retail channels".
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