Asos continues to skyrocket with sales up 104%

Asos, which retails its own line of jewellery as well as brands such as Lola Rose and Monica Vinader, posted sales increases of 104% to £165m for the 12 months to March 31. The online fashion retailer said that profits before tax for the period are expected to be ahead of market expectations.

The business has enjoyed robust trading and is debt free. At the close of its financial year, the retailer had £13.6m in cash.

Trading continues to be buoyant in the current financial year, with sales for the four weeks to April 24 up 80% on the comparable period last year. The weak pound has helped to bolster Asos’ international sales, which have grown 173% year on year in the four-week period.

Asos chief executive Nick Robertson said: “We are not immune to the prevailing economic conditions, however, as widely reported, younger fashion is proving more resilient, internet shopping continues to gain in popularity and our international sales are being bolstered by the weak pound.

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

Earlier this month, Asos launched a vintage jewellery collection. The range has been curated by jewellery collector Susan Caplan and includes pieces by brands such as Chanel and YSL.

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