ASOS upbeat as profits rise

UK online fashion retailer ASOS - As Seen On Screen - brushed aside the consumer fears plaguing high street rivals today as it reported a 44% rise in profits and predicted better growth this year.

Nick Robertson, chief executive of ASOS, said the shift towards internet shopping among young fashion consumers was “bigger than the economic cycle”.

ASOS – targeted at 16-34 year olds with clothes and accessories styled on those worn by celebrities – reported profits leaping to £20.3m (€24.5m) in the year to March, but said results could have been even stronger.

Mr Robertson said the group was overly cautious with stock levels last year and added that a 58% hike in sales since the year-end confirmed the resilience of its customer base.