Profits at Asos accept soared 28 per cent as the online appearance banker delivered addition able set of results, in abrupt adverse to abounding of its aerial artery competitors.
While the angle for acceptable food has become added austere in 2018 as shoppers about-face online, sales at Asos jumped by £500m to £2.4bn for the year to 31 August.
Asos shares jumped 15 per cent afterwards the advertisement on Wednesday morning, demography its appraisal to £4.8bn.
London-based Asos common its affairs to advance in connected amplification and arch controlling Nick Beighton said the company’s abeyant was “huge”.
Asos, which specialises in fast appearance for adolescent people, grew sales by added than a fifth in the UK and internationally, and has delivered 20 per cent increases for three years in a row.
Profits came in at £102m, aloof assault expectations, admitting the abundant amount of advance its warehouses to accumulate up with demand.
“The abeyant for our business is huge and we abide focused on architecture Asos into the world’s cardinal one destination for fashion-loving twentysomethings,” Mr Beighton said.
Some analysts had questioned whether the company’s rapid amplification may be slowing afterwards it appear lower than accepted sales in July.
And admitting today’s gains, the company’s allotment price, which is abundantly based on accepted approaching growth, is still bottomward about 12 per cent this year at £57.49.
But Asos charcoal the UK’s arch online-only clothes banker and predicted sales would jump by addition 20 to 25 per cent this banking year.
Sofie Willmott, chief retail analyst at GlobalData, said Asos was far outpacing the online bazaar as a accomplished and continuing to accumulate advanced of adolescent rivals such as Boohoo and PrettyLittleThing.
“Unlike some of its competitors that accept been blaming the abiding balmy acclimate for a black achievement over the summer, Asos’s sales accelerated in the aftermost two months of FY2017/18 demonstrating the address of its hypothesis and the adherence that Asos Premier drives,” Ms Willmott said.
The able after-effects afresh highlight the deviating fortunes of acknowledged online appearance retailers and their brick-and-mortar rivals.
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Debenhams, Marks & Spencer and House of Fraser accept all shut food and afford agents this year as they try to cut the cost of advancement a attendance on the aerial street.
“Asos are acid a birr in a appearance area that has been attractive a little annoyed recently,” said Ed Monk, accessory administrator at Fidelity Personal Investing.
“Asos is accretion internationally, growing its bazaar allotment in across territories and should advance an advantage in its online hypothesis adjoin rivals that will accept to advance heavily to t up.”
George Salmon, disinterestedness analyst at Hargreaves Lansdown said the after-effects should put “niggling worries” to bed. “Asos has delivered able advance admitting a anemic UK customer environment,” he said.
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