ASOS cheered by overseas demand as sales treble

By DAILY MAIL REPORTER
Updated:


Online fashion retailer ASOS today said the weak pound had sparked a rush of overseas shoppers as it looked forward to more forecast-beating results.

ASOS, which stands for As Seen on Screen, said international sales in the four weeks to April 24 had almost trebled - up 173 per cent year on year.

The sales surge gave an additional boost to ASOS, which is already benefiting from resilient demand for fashion from younger customers and the growing popularity of internet shopping.

Net profits: Nick Robertson, CEO of online clothing site ASOS, claims results could have been even stronger

Net profits: Nick Robertson, CEO of online clothing site ASOS, claims results could have been even stronger

Overall sales during the period were up 80 per cent on last year and pre-tax profits for the 12 months to March 31 are set to be 'slightly ahead' of market hopes.

Chief executive Nick Robertson said the firm was 'not immune' to recession but was looking to make further progress this year.

'Whilst we are being more conservative in our planning for 2009/2010, we believe the outlook is still very positive, and we look forward to another year of strong growth,' he said.

Fast-growing ASOS targets the 16 to 34 age range with clothing and accessories based on celebrity outfits, attracting more than 5.3 million visits a month to its website.

The company sells around 21,300 branded and own-label products, adding around 1,000 a week to its range.

The Hemel Hempstead-based business was founded less than nine years ago, but as of the end of March had 2.35million registered users and sales of £165million.

Alongside its main website, the retailer launched Little ASOS in February aimed at children, as well as Designers at ASOS, offering premium labels to customers.

Next month the company also plans to launch ASOS Life, which will offer social networking features for the retailer's customers.

'We remain committed to becoming the market leader in online fashion in the UK and will continue to invest in the business accordingly,' Mr Robertson said.

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