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'We will continue to invest in fashion business' – ASOS Chief
28 Apr '09
2 min read
ASOS plc released the pre close trading update for the year ended 31 March 2009. Nick Robertson, Chief Executive, made the following comments.
"I am pleased to report another excellent year for ASOS. Sales increased 104% to £165m and we expect our profit before tax to be slightly ahead of market expectations. The business remains debt free, and as at 31 March 2009 had £13.6m of cash.
Current trading remains buoyant with sales for the 4 weeks to 24th April 2009 up 80% year on year. 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. International sales for the 4 weeks to 24th April are up 173% year on year.
In February we launched both Little ASOS, a branded kids wear offer and Designers at ASOS, a premium and luxury branded offer. Little ASOS will be supported by an own label range from September 2009.
In addition, a number of new brands have been signed for Summer 2009 including Mango, Hackett, Gant and Mini Boden.
ASOS life, our own community platform, is currently in beta testing and will launch in May 2009.
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."
Preliminary results
ASOS will announce its preliminary results for the year ended 31 March 2009 on 29 June 2009 when it will provide a full overview and update on the business.
ASOS is rapidly becoming the market leader in the UK online fashion world. The business continues to generate profitable growth despite continued investment in operational resources and enjoys strong and increasing barriers to entry.
"I am pleased to report another excellent year for ASOS. Sales increased 104% to £165m and we expect our profit before tax to be slightly ahead of market expectations. The business remains debt free, and as at 31 March 2009 had £13.6m of cash.
Current trading remains buoyant with sales for the 4 weeks to 24th April 2009 up 80% year on year. 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. International sales for the 4 weeks to 24th April are up 173% year on year.
In February we launched both Little ASOS, a branded kids wear offer and Designers at ASOS, a premium and luxury branded offer. Little ASOS will be supported by an own label range from September 2009.
In addition, a number of new brands have been signed for Summer 2009 including Mango, Hackett, Gant and Mini Boden.
ASOS life, our own community platform, is currently in beta testing and will launch in May 2009.
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."
Preliminary results
ASOS will announce its preliminary results for the year ended 31 March 2009 on 29 June 2009 when it will provide a full overview and update on the business.
ASOS is rapidly becoming the market leader in the UK online fashion world. The business continues to generate profitable growth despite continued investment in operational resources and enjoys strong and increasing barriers to entry.
ASOS plc
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