ASOS sticks by profits guidance despite top-line miss

26th Apr 2012 07:19

Online fashion retailer ASOS revealed a 33 percent increase in fourth quarter revenue and says it remains confident of reporting full year pre-tax profit in line with company expectations.Group revenue increased to £127.1m in the three months ended 31 March 2012 compared to £96m the same period a year earlier. Retail sales in the quarter increased 34% year on year, UK sales rose 4% and International enjoyed a 63% surge. International sales now represent 62% of total sales.CEO Nick Robertson said he was pleased with the group's fourth quarter performance for both its UK and International businesses against particularly strong year on year comparatives. ASOS, which has started new websites in Italy, Spain and Australia concluded, "We remain committed to our global expansion plans and approach the new financial year with confidence."The aim-listed firm said retail gross margin is significantly ahead year on year.CJ