Miranda McLachlan
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Asos, the internet fashion retailer, has proved itself immune to the lagging fortunes of the high street with a 90 per cent lift in sales and promises of higher than expected profit for the year.
Sales to to March 31 are expected to jump from £42.6 million to about £81 million. The new financial year has also got off to a robust start, with sales for the four weeks to April 27 up 80 per cent.
The retailer has made a name for itself by offering internet-savvy 16 to 34-year-olds clothing as worn by celebrity icons, has continued to report bouyant trading conditions at a time when many retailers are underperforming.
Asos said that clothes in the style of Agyness Deyn, the supermodel, Bob Geldof's daughters Peaches and Pixie as well as Alexa Chung, the TV presenter, were proving popular.
The bullish trading update sent shares in the AIM-listed company, formerly known as As Seen on Screen, nearly 2 per cent higher to 306p in early afternoon trading.
Nick Robertson, chief executive of Asos, said: "Despite the uncertain economic conditions, I remain optimistic about the prospects for Asos.
"We continue to benefit from the increasing popularity of online shopping and we have made considerable investments in management, infrastructure, product ranges and marketing to support and sustain future growth."
Asos said that its pre-tax profit would be slightly ahead of analysts' forecasts after taking a one-off charge of £1.1 million for the closure of a warehouse into account.
Mr Robertson said that, stripping out this one-off charge, the group's profit would be significantly ahead of market expectations.
The retailer said that its gross margin would be in line with previous guidance.
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