Net-a-Porter, the luxury etailer, saw sales rise by a massive 48% to £55.2 million and pre-tax profits jump by 42% to £3m for the year ended February 2.
Net-a-Porter said it had grown sales via new and existing customers. For the 52-week period it had an average of 5,000 customers a month against 3,500 each month in the previous year. There was also significant growth in its international markets including in the US and the Middle East and in Australia and the Far East. The UK also recorded growth of 36%.
Net-a-Porter's impressive results fly in the face of the economic slowdown and demonstrate the increasing importance and phenomenal growth rates attached to online retailing. Its luxury positioning is also thought to have helped it outperform the rest of the sector, because most of its customers have not yet been hit by the credit crunch.
Net-a-Porter chief operating officer Mark Sebba said: "We have continued to see strong year-on-year growth and have distinguished ourselves from competition through our innovation in the online sector, delivering several milestones whilst maintaining unsurpassed levels of customer service."
Net-a-Porter chairman and founder Natalie Massenet added: "I am thrilled with this year's results which, once again, prove that content and commerce can - and should merge - without compromising on the entertainment experience of the level of service. It is real proof that you can be a new media business and have revenue and profits."