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Monday November 17th 2008
ASOS sales and profits rocket
Archived article dated Monday November 17th 2008
Asos has more than doubled revenues in its half year to September.
Sales for the 6 months to 30 September 2008 grew by 107 per cent to £65.7m while profit before tax for the same period was up 68 per cent to £4.1m. Operating margins fell after a 118 per cent rise in operating costs to £26.4m, reflecting the first half bias of investment this financial year.
'So far ASOS is proving resilient to the slowdown in consumer spending and sales for the 7 weeks to 16 November 2008 are 104% ahead year on year. Nevertheless, as stated at the time of the AGM, we face tougher second half comparables and need to trade through the all important Christmas period. The Board is pleased with the progress that ASOS has made to date with the Company continuing to trade in line with the Board's expectations. We view the coming months with cautious optimism.' the company said in a statement.
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