Fashionable figures for online retail darling Asos
Online fashion retailer Asos has reported another year of double-digit sales and profit growth despite ongoing investment in increasing its capacity.
Group revenues climbed 26 per cent to £2.42 billion in the year to the end of August. Retail sales hit £2.36bn, supported by growth of more than 20 per cent in both the UK and international markets.
This marked the group’s third consecutive year of sales growth in excess of 20 per cent.
Meanwhile pre-tax profits were broadly in line with market expectations, coming in 28 per cent higher than last year at £102m.
Shares were trading some 13 per cent higher in early trading in London.
George Salmon, equity analyst at Hargreaves Lansdown, noted: “There’s been a few niggling worries around the Asos growth story recently, but these results should put them to bed. Asos has delivered strong growth despite a weak UK consumer environment.”
The company’s name stands for “As Seen On Screen”.