Fashion e-tailer Asos is likely to make profits of £8 million by March 2009 as sales rocket, Lisa Berwin writes.
Sales in the six months to September 30 beat City expectations, soaring 80 per cent and prompting analysts to increase this year’s forecast to about£5.5 million. Gross margins rose 3.5 percentage points.
Chief executive Nick Robertson will introduce a raft of offers over the next 12 months, including maternitywear, tall and plus-size apparel, a discount selection and a hiring service. He said: “The investment structuring and risk is really starting to pay off.”
Former Debenhams menswear head buyer Stefan Pesticcio has been appointed as Asos’s menswear buying director.
Landsbanki advised buy, but said: “A maiden dividend looks unlikely in the short term, as management continues to prefer to reinvest in the business.”
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