Asos sales jump on international growth
- 3 November 2011
- From the section Business
Online fashion retailer Asos has reported a sharp rise in sales, although headline profits slumped due to the continuing costs of relocating to a new warehouse.
Revenue for the six months to the end of September rose to £217m, up more than 50% on a year earlier.
Overseas sales more than doubled and continued to drive revenue growth.
Pre-tax profit was £4.5m, down from £7m a year earlier. This was due to £7m of warehouse-related costs.
While sales in the UK rose 8% to £89m, those internationally jumped by 150% to £122m.
"I am pleased to report strong first half performance... [reflecting] the increased contribution or our international business," said Asos chief executive Nick Robertson.
"During the half we launched three more country-specific sites in Australia, Italy and Spain, taking the total number to seven."
He added the company "remains confident" of hitting its full-year profits targets.
Asos has reported consistently strong results in recent years, in contrast to many High Street retailers who have struggled to bounce back from the recession.
The company has said it expects to hit £1bn of sales by 2015.