ASOS profits double amid soaring sales

Source: Retail Digital

Date :30/06/2008 10:58:17

Online fashion retailer ASOS beat forecasts, reporting pre-tax profits of £7.3million in the year to March 31, up from £3.4million last year.

The company defied the economic slowdown as sales soared in the first 13 weeks to June 27, up 95 percent.

The retailer saw a 90 percent increase in revenues to £81million, proving that the consumers’ appetite for online shopping is not on the wane.

The UK’s largest online store attracts over one million visitors a week and has over 9,000 products available, with 500 new lines added each week.

In May, the group reported 3.4 million visitors to its website, a 60 percent increase on the previous year.

In a statement, a spokesperson for the firm said it was too soon to predict whether the performance would continue for the full year, but that the company was confident it would be another strong year in 2008/09.