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Asos to recruit 50 new buyers to support rapid growth

Etailer Asos.com is on the hunt for 50 buyers and merchandisers to bolster its team after racking up massive sales uplifts over Christmas.

Sales for the seven weeks to January 20 were up 86% against the period the year before and sales for the 42 weeks to January 20 were up 88% year on year.

Asos chief executive Nick Robertson said: “We had a cracking Christmas. Sales were ahead of internal forecasts, margin remained strong and our stock position healthy. I can confirm that we experienced no major delivery issues in the run up to Christmas…our profit for the year to March 31 is likely to be significantly ahead of market expectations.”

Robertson added he remained bullish about the businesses prospects and was looking to recruit 50 buyers and merchandisers across all categories including menswear, womenswear and accessories.

He added that the business would quadruple the number of menswear brands on the site over the next six to 12 months.

Numis analyst Jose Marco-Tobares has upgraded his forecast from £6 million to £6.7m on the back of the trading update. He added he expected pre-tax profit to exceed current forecasts of £8m in 2009.

Marco-Tobares added: “In our view, Asos is well placed to weather a downturn in consumer spending. Firstly, online clothing sales continue to grow strongly, partly as a result of increased broadband penetration. Asos holds the number two market share position so is well placed to benefit from this growth. Other key attractions are the strong sales growth as well as the scope to generate operational gearing.”

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