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Footwear retailer ASOS declares 6-month sales results

Nov '05
Leading online fashion and beauty retailer ASOS announces reports of first half loss:

Chief Executive's Statement
I am pleased to report an increase in Group sales of 78 percent for the period to £8.3m. Sales for ASOS.com, the Group's main trading subsidiary, were up 86 percent to £8.1m.

In-line with internal forecasts and following significant investment in resource and capacity, the group made a loss (before amortisation of goodwill and tax) of £6,000 versus a profit of £240,000 for the same period last year.

The loss before tax was £120,000 against a profit of £126,000 for the same period last year. Basic loss per share was 0.17p (2004: earnings per share 0.18p). The figures above are after £251,000 of one-off costs associated with the warehouse move.

Capital expenditure within the period was £686,000 with a further £400,000 budgeted for the second half of the year.

The Market
According to the IMRG – 22 million British Shoppers will spend 5 billion online this Christmas, an average of £208 each and generating 130 million internet shopping deliveries.

We have invested in our management and logistical teams, doubled the size of our buying and merchandising team and bought ourselves sufficient logistical capacity to support continued high levels of growth.

Last year we added four new departments: jewellery, footwear, beauty and accessories. This year, we have again responded to the needs of our customers and put a team together that can deliver 800 hot new fashion lines a month, double our average for the last 12 months.

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