Asos defies retail gloom

Online fashion retailer Asos continues to defy the retail gloom with the announcement that its full-year pre-tax profits reached £7.3m for the 12 months to March 31, up from £3.3m a year earlier.

Sales during the year reached £81 million, up from £42.6 million in the previous 12 months. The e-retailer said it had seen no noticeable slowdown in business growth and sales during the 13 weeks to 27 June and is 95% ahead of last year.

Nick Robertson, chief executive, said: “It is too early to assess whether this performance will continue for the full year. That said, I believe Asos can look forward to another year of strong progress and business development.” Asos had over 1.7 million registered users as at 27 June and offers a product range of over 10,900 products on its web site. The retailer is aiming to expand its service later this year with the launch of Asos Red, offering a range of end of season and markdown stock at discount prices.