Asos profits boosted by international growth
Online fashion retailer Asos grew its revenue and profit last year as it pushed ahead with its global expansion plans.
In the year ending 31 March, group revenues rose 46% to £495 million while profit before tax and exceptional items was up 43% to £40.9 million. Retail sales climbed 49% during the year, driven by 103% growth in international sales. Meanwhile sales in the UK increased by 7%.
The retailer, which targets fashion-forward 15 to 34 year olds, continued its international expansion during the year with the launch of three new country websites in Australia, Spain and Italy. Asos said 69% of its website traffic came from outside the UK, up from 58% last year, with Australia, Russia, Singapore and China cited as some of its best performing countries.
The company said it remained committed to its goal of achieving £1 billion sales from five major markets by 2015.
Commenting on the results Nick Robertson, CEO, said: "I am pleased to report another strong year for ASOS, with retail sales up 49% to £481.6 million and profits up 43% to £40.9 million.
"During the year, we successfully launched country specific sites in Australia, Spain and Italy. We completed the year with further penetration into existing international markets and substantial expansion into new territories. Additionally our successful transition to a new 530,000 sq ft warehouse in Barnsley became fully operational in June 2011.
"We remain positive in our outlook for 2012/13 as we continue our journey to becoming the world’s number one online fashion destination. Our International roll out continues and our 1:5:5 ambitions for the company are in sight."
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