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Asos boosts profit margins as revenues soar

Asos has reported an increase in profit margins on top of group revenues jumping 37% to £553m for the year to August 31.

Gross margins increased 220 basis points to 51.2%, recording a profit before tax and exceptional items of £44.5m, an increase of 40%.  

International sales growth significantly outpaced those from the UK, with the etailer recording 12 month revenues of £332.6m overseas, a rise of 64% on the same period last year, compared with £205m domestically, an increase of 10%.

The business was reporting its sales pro forma, as a result of changing its financial year to run from end-March to August.

In the five months to August 31, profit and turnover were broadly in line with the full 12 month figure, with group revenues up 32% to £238m and profit before tax and exceptional items up 42%.

Asos’ chief executive Nick Robertson said during the five month period the etailer had improved product offer, and invested in the business “to fuel our future growth”.

Robertson claimed Asos now has five million customers worldwide.

“We remain positive in our outlook for 2012/13 as we continue our journey to becoming the number one online fashion destination for twenty-somethings, globally,” he added. “Our international roll out continues and our 1:5:5 ambitions for the Group are unchanged.”

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