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ASOS rallies on strong results

By FashionUnited

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Main corporate news were those of British online fashion giant, ASOS, saw its underlying

pre-tax profit beating analysts’ forecasts of 25 million pounds by reaching 25.7 million in the six months to February 28, and compared to last year’s 23.1 million pounds. Cherokee also reported financial results for its fourth quarter and full year.

ASOS reported six-month group revenue increased 33 percent to 359.7 million pounds, with trading momentum strong, as highlighted by a good number of analysts that follow the stock. In the UK, retail sales upped by 26 percent 137.6 million pounds, whit foreign markets retail sales amounting up to 214.7 million pounds (+39 percent).

On the back of the news, shares of ASOS gained 4.7 percent on Tuesday.

Across the Pond, Cherokee reported financial results for both the fourth quarter and full year ended February 2, 2013. Net revenues for the full year were up to 26.6 million dollars, fairly above last year’s 25.6 million dollars (gained 3.7 percent on the last twelve months).

Good news for Cherokee shareholders as for the year, net income totalled 6.8 million dollars, or 0.81 dollars per diluted share, compared with 7.5 million dollars or 0.89 dollars per diluted share in fiscal 2012. This compares to quarterly net income that totalled 1.1 million dollars or 0.13 dollars per diluted share, compared with 1.5 million dollars, or 0.18 dollars per diluted share, in the fourth quarter of 2012.

“Fiscal 2013 was a pivotal year for the Cherokee Group,” said Cherokee Chief Executive Officer Henry Stupp, adding, “We continued to see progress including the expansion of our portfolio of apparel categories, brands and geographies as well as the addition of retail and financial experts to our Board and senior management team. The continued growth of our namesake Cherokee brand, particularly at Target, along with the addition of Liz Lange, Cherokee School Uniforms, and àle by Alessandra drove our success and expansion over the past year.”
FashionUnited