Asos, the online fashion retailer, announced a 144 per cent rise in annual pre-tax profits, driven by celebrity-inspired clothing worn by the likes of Paris Hilton.
The internet-only company said that profits for the 12 months to March 31 had risen from £1.4 million to £3.4 million. Sales over the year leapt 116 per cent to £42.6 million.
Asos credited its growth to a rise in its clothing ranges, some of which are based on fashions worn by famous faces such as Sienna Miller, the actress, and Amy Winehouse, the singer. Last year Asos’s figures were affected by the Buncefield oil depot explosion, which damaged its head office and its warehouse. Taking into account the impact of Buncefield, yearly sales increased by 80 per cent to £38.6 million.
As well as reporting strong annual growth, Asos said yesterday that sales during the first three months of its financial year had increased by 85 per cent. The rise contrasted with other retail businesses that have suffered a sales slowdown due to the poor weather in May and June and rising borrowing costs that are causing shoppers to tighten their purse-strings.
Nick Robertson, the chief executive of Asos, said that there had been “anecdotal” evidence that consumers were choosing to shop online rather than brave the rain-swept high street.
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The company also appears to be immune from rising interest rates, since many of its core customers, aged between 18 and 25, still live at home and do not have to worry about the rising cost of mortgages.
Despite strong growth over the year and in the first quarter, Asos sounded a note of caution about the Christmas trading period, which accounted for more than a third of sales last year.
Shares in Asos edged up 1p to 121p.
Asos top sellers
— Empress vest in the style of Lindsay Lohan (£14)
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— Embellished mini-dresses, including Mina Sienna Mini Dress, in the style of Sienna Miller (£55)
— Oversized “slouchy” bags, including the oversized pocket bag in the style of Lindsay Lohan (£25)
— Bejewelled summer sandals, such as the beaded back counter toe thong sandal (£20)
— Sloppy slogan T-shirt – Made In The 80’s (£14)