Member Article

Asos reports 32% profit rises for year

Online fashion retailer ASOS has announced 42% rises in profits before tax to £13.2m in a highly successful financial year for the company.

Expansion is a priority for ASOS, which stands for “As Seen on Screen”, as the firm has appointed managers in the U.S, France and Germany this year to develop the business overseas.

The number of consumers using the shopping site increased by 36% year-on-year, to bring the total up to 5m customers.

Revenues for the group were up 32%, while sales in retail rose 32% and UK sales increased by 13%.

The company made significant progress in the international market, as retail sales abroad accounted for 65% of its total sales.

ASOS has reportedly lost its buying director Caren Downie and taken on the ex-Board Director at Marks & Spencer, Kate Bostock.

The firm’s statement on Thursday said: “Kate brings extensive experience from some of the biggest names in retailing.

“Her knowledge of the clothing industry, particularly around product, sourcing, quality control, and supply base is second to none.”

Commenting on the results, ASOS’s Chief Executive Nick Robertson said: “During the period we improved our product offer in terms of range, quality and price, invested in our customer proposition, made progress in developing the ASOS platform and continued to drive efficiencies from the business to fuel our future growth.

“We’ve also made a number of high calibre appointments recently, including a new Chairman, Executive Director: Product and Trading, Chief Information Officer, Supply Chain Director and Marketing Director.

“We remain positive in our outlook for 2012/13 as we continue our journey to becoming the number one online fashion destination for twenty-somethings, globally.Our International roll out continues and our 1:5:5 ambitions for the Group are unchanged.”

The firm has also outlined plans to launch websites in Chinese and Russian, amid rumours about a potential bid for Amazon.

This was posted in Bdaily's Members' News section by Miranda Dobson .