Online fashion retailer sees record number of visits to its website
ONLINE FASHION firm Asos has posted a 10 per cent rise in half year profits as it notched up its highest number of website visits – at over a billion over the half year.
The firm said work is currently underway at its Barnsley warehouse to increase the stockholding capacity through the construction of an additional mezzanine.
This will increase capacity by a further 10 per cent to 22 million units and is scheduled to complete by the end of April.
Pre-tax profits jumped to £29.9m in the six months to February 28.
UK retail sales rose 22 per cent to £414.5m, while international sales increased 28 per cent to £716.8m on a constant currency basis.
Chief executive Nick Beighton said: “These results show strong trading at the same time as we are making substantial investment in our future.
“Alongside our investment in our people and our technology, we are accelerating investment in our distribution and logistics, laying the foundation for £4bn of net sales.”
The group kept its guidance for full-year sales growth of between 25 and 30 per cent.
The firm raised its spending guidance for the full-year for the second time in less than three months and now expects capital expenditure of between £230m and £250m.
Asos has spent just over £95m so far this year, with around half on technology and transformation programmes and the remainder on infrastructure across its supply chain and head office.
The firm said the heavy investment is bearing fruit.
We are making substantial investment in our future.
Nick Beighton, chief executive of Asos
HEIGHT OF FASHION: Asos revealed that pre-tax profits jumped to £29.9m in the six months to February 28 with UK retail sales increasing 22 per cent to £414.5m.