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Asos shares jump on sales growth Asos shares jump on sales growth
(about 2 hours later)
Shares in online fashion retailer Asos have jumped more than 10% after it reported a big rise in sales and said annual profits would beat forecasts. Shares in online fashion retailer Asos have closed 13% higher after it reported a big rise in sales and said annual profits would beat forecasts.
Sales for the three months to 31 August jumped 47% from a year earlier to £208m.Sales for the three months to 31 August jumped 47% from a year earlier to £208m.
Chief executive Nick Robinson also said full-year profits would be "marginally" above expectations.Chief executive Nick Robinson also said full-year profits would be "marginally" above expectations.
Sales for the year as a whole were up 40% to £754m, with rapid growth both in the UK and overseas.Sales for the year as a whole were up 40% to £754m, with rapid growth both in the UK and overseas.
Mr Robinson said he was "pleased" with the "strong finish to the financial year", and noted strong growth in the US and in Russia, where it recently launched a website.Mr Robinson said he was "pleased" with the "strong finish to the financial year", and noted strong growth in the US and in Russia, where it recently launched a website.
Asos has enjoyed rapid growth since its launch in 2000, focusing on fashion for women and men in their 20s.Asos has enjoyed rapid growth since its launch in 2000, focusing on fashion for women and men in their 20s.
However, it suffered a high-profile departure earlier this year when Kate Bostock, the former head of general merchandise at Marks and Spencer, quit as head of product and trading only seven months after she was hired.However, it suffered a high-profile departure earlier this year when Kate Bostock, the former head of general merchandise at Marks and Spencer, quit as head of product and trading only seven months after she was hired.
Ms Bostock said she had concluded that "Asos isn't the right place for me".Ms Bostock said she had concluded that "Asos isn't the right place for me".