Online fashion giant ASOS has recorded another rise in full-year profit, bolstered by strong sales in both its UK and overseas markets.

In the year to August 31st, retail sales rose 40% to £754m and profit before tax and exceptional items rose 23% to £54.7 million.

Nick Robertson, CEO, commented: "During the year we continued to make progress towards our goal of being the world's number one fashion destination for 20-somethings. We reached the milestone of 7 million active customers worldwide, following significant investment in our product offer, delivery options, customer experience and marketing. We also successfully launched our dedicated website in Russia during May 2013 and will soon launch our China operation.

"We have started the new financial year positively.  Our £1 billion sales target is now firmly in our sights and we have stepped up our investment in people, technology, logistics and marketing to support the significant global potential of the ASOS business."