Asos.com to deliver higher than expected profits

Online fashion retailer Asos.com plans to add own-brand childrenswear in September and the launch of its ‘community’ site Asos Life is imminent, the buoyant brand revealed this morning (April 27).

The debt free web retailer outlined its expansion plans as it reported a 104% jump in sales for the year ended 31st March in a pre-close statement. Its share value jumped this morning by 7.75p valuing the company at 270m as its chief executive Nick Robertson predicted its profit before tax would be ahead of expectations.

The retailer, which targets fashion-conscious 18-34 year olds on a budget, says it also plans to introduce new adult brands this summer including Mango, Hackett and Gant.

However, Robertson says it is being “more conservative” in its planning for 2009-10 as the retailer is “not immune to the prevailing economic conditions”.

Despite the caution, he added it was still on track to achieve its ambition to become the “market leader in online fashion” and underlined its strong position as a leading beneficiary of the resilience in young fashion sales and consumer migration from high street to internet shopping.

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