UK: Online fashion retailer ASOS to beat annual profit forecast
- Credit: PA
Online fashion retailer ASOS said today it has seen customer numbers grow to more than seven million amid surging sales that look set to see it beat annual profit expectations.
The brand, targeted at “fashion forward twenty somethings”, saw total sales rise by 47% to £208million in its final quarter to the end of August.
It said the number of active customers had grown to 7.1m customers, up from 5m at the same time last year.
Chief executive Nick Robertson said it was “strong finish to the financial year”, with annual sales up 40% to £754m.
“We expect profit before tax for the year to be marginally above expectations,” he added.
You may also want to watch:
The buoyant performance increases the likelihood of top managers at the firm including Mr Robertson sharing in a lucrative bonus pot of up to £30 million, which is dependent on them meeting a set of tough sales targets by 2015.
UK retail sales for the latest quarter were up 49% to £74 million, while international revenues leapt 47% higher to £134 million, including a 73% increase in the European Union.
- 1 Ipswich Town transfer rumour: Blues 'in £100,000 tug-of-war' for non-league midfielder
- 2 Shop opens at Suffolk village pub
- 3 Traffic at standstill on A12 between Ipswich and Colchester
- 4 'We're keeping about 10% of the roster' - Johnson on Ipswich squad overhaul
- 5 Get ready for League One's 'Arizona Derby' as Lincoln follow Town with Phoenix investment
- 6 Flooding off the A14 causes emergency road closure in Ipswich
- 7 Person with leg injury after 4-vehicle crash on A140
- 8 Pupils forced to isolate after Covid test result wrongly recorded as positive
- 9 Why these Suffolk villages were named among 'most beautiful to visit'
- 10 Town announce home friendly with Premier League club
ASOS, which stands for “As Seen on Screen”, was founded in 2000 to target fashion-conscious young people by trying to emulate the styles of their favourite celebrities.
It is targeting £1 billion in sales by 2015.
Earlier this year, it announced a tie-up with Primark, allowing the budget fashion chain to sell clothes on the internet for the first time.
ASOS was hit by a high-profile departure during the summer when the influential former Marks and Spencer executive Kate Bostock walked out of a high-profile role after just six months saying the online retailer “isn’t the right place for me”.