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ASOS reports strong profit growth

Online fashion retailer ASOS has increased its full year pre-tax profit by 28% to £102 million and reported its third consecutive year of sales growth in excess of 20%.

FASHION

ASOS reports strong profit growth

Online fashion retailer ASOS has increased its full year pre-tax profit by 28% to £102 million and reported its third consecutive year of sales growth in excess of 20%.

The year to 31 August saw group revenue climb by 26% to £2.4 billion while retail sales rose by 26%. The latter included a 23% uplift in the UK and a 27% increase in the company’s international markets.

Nick Beighton, ASOS chief executive, said: "This has been another year of substantial progress for ASOS. We delivered 26% sales growth and 28% profit growth whilst investing heavily in the long-term potential of the business. Our reported profit increase was achieved despite bearing material transition costs due to our investment programme. All our financial and customer key metrics have shown positive growth.”

During the period, the number of active customers rose by 19% while the average basket value edged up 1%. Order frequency was also up, climbing by 7%.

Total orders placed rose by 27% to 63.2 million.

The company said its guidance for the current year and the medium term remains unchanged despite record levels of investment.

Beighton added: “ASOS is moving fast and is as differentiated as ever. The potential for our business is huge and we remain focused on building ASOS into the world's number one destination for fashion loving twentysomethings.”

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