ASOS confident for remainder of year

Online fashion retailer ASOS delivered an increase in first half profit and retail sales and said it is on track to meet full year targets.

Online fashion retailer ASOS delivered an increase in first half profit and retail sales and said it is on track to meet full year targets.

Retail sales increased 34% to £352.3m for the six months ended February 28th 2013 after 26% growth in UK retail sales and 39% growth in International retail sales. ASOS said its expansion into Russia and China is on track.

Group revenue rose by a third to £360m. Pre-tax profit for the six months increased to £25.7m from £21.6m. Retail gross margin fell by 60 bps and gross margin was down by 90 bps.

Net funds increased to £45.2m from £12.7m. Active customers increased to 6.0m from 4.3m previously.

CEO Nick Robertson said: "Momentum is strong, and we remain positive in our outlook for 2012/13... Our International roll out continues and our £1bn sales ambition for the group is firmly in our sights."

CJ

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