Asos Moves Up as the High Street Suffers

Article excerpt

Byline: Sion Barry

FASHION e-tailer Asos has said the continuing popularity of online shopping helped it buck gloomy high street trends, as it flagged up profits ahead of market hopes.

Asos, which stands for As Seen on Screen, targets 16 to 34-year olds with clothing based on celebrity outfits.

Sales in the four weeks to April 27 are running 80% ahead of last year with the biggest sellers including prom dresses, gladiator sandals and vintage sunglasses worn by the likes of TV presenter Alexa Chung and model Agnes Deyn.

Pre-tax profits will be "slightly ahead" of market forecasts in the year to March 31 even after a one-off pounds 1.1m charge for the closure of its old warehouse in Hemel Hempstead, Hertfordshire. Full-year sales were 90% ahead at around pounds 81m.

Chief executive Nick Robertson said: "Despite the uncertain economic conditions, I remain optimistic about the prospects for Asos. We continue to benefit from the increasing popularity of online shopping."

Asos now has 1.8 million registered users - 500,000 ahead of last year - and has boosted its product range to more than 8,300 items of clothing, jewellery and accessories. …