Asos confident of £1bn sales after leap in profits

Online fashion retailer Asos today said it was on track to reach £1 billion in sales after unveiling a 37 per cent jump in annual profits.

The firm posted a pre-tax profit of £54.7 million for the year to 31 August, up from £40m a year ago and just above analysts’ forecasts of £54m.

Retail sales grew 40 per cent to £753.8m, driven by a 44 per cent surge in international sales. Asos launched a dedicated Russian website in May and said it will soon be launching an operation in China.

Asos co-founder and chief executive Nick Robertson said: “We have started the new financial year positively.

“Our £1bn sales target is now firmly in our sights and we have stepped up our investment in people, technology, logistics and marketing to support the significant global potential of the Asos business.”