Hike in profits forwarded by ASOS

Hike in profits forwarded by ASOS
A 9% rise in profits was recently forwarded by online fashion retailer ASOS for the first half. The company explained that it is confident for the rest of the year and is not bothered by slower sales growth. In the six months to 30th September, pre-tax profits of £4.4 million were reported by the firm, which was higher from £4.05 million last year, bolstered by international sales and tighter cost controls.

As per ASOS, a hike by 46% year-on-year was seen in sales for the seven weeks to 15th November, higher by 46% year-on-year, compared to a rise of 47% in the first half. The sales growth in the UK reduced to 23% in present trading, from 33%.

As per a spokeswoman of the firm, “Things are slowing down a bit because of the difficult economic climate.” She added that things are still looking good.

In year 2000, the internet operation was unveiled, which concentrates on the 16 to 34 age range with clothing and accessories based on celebrity outfits. ASOS hopes to see a healthy second half of the year, with sales continuing to be ahead of last year.