Asos today revealed pre-tax profits up 23% to £54.7m and retail sales up 40% to £753.8m for the year to August 31. Retail Week takes a look at what the analysts say.

Asos has delivered stunning growth in its more ‘mature’ markets, such as the UK, reflecting improvements to the core offer and pricing proposition. With much more to come from these key markets, plus the launch into China and Russia, management will concentrate on delivering more from existing strategic markets. Medium-term sales forecasts look highly conservative - John Stevenson, Peel Hunt

Asos has emerged more strongly than even we anticipated after its re-investment phase, leveraging buying, mark-down savings and warehousing efficiencies and reinvesting in quality, design, price, service and marketing. This has seen growth rebound domestically, despite its relative maturity, and international momentum has also built where local teams and website have been launched. These localisation plans are ongoing and should see growth rates step-up in certain markets, especially Russia, albeit Australia could fade. Plans to launch in China are on track. In the continuing absence of any negative catalysts the rating should remain high - Matthew McEachran, N+1 Singer

The UK market has surprised many this year, accelerating to +49% in the fourth quality and this is its most mature market. This clearly highlights that new markets are not the only key driver for growth as depth and intensity within markets remains a huge opportunity. We are not changing forecasts today and remain positive for the outlook but also note that comps are challenging in the 2014 financial year - Wayne Brown, Canaccord Genuity

Asos’ robust full year results reinforce our positive stance on the long-term investment case; however, the lack of earnings upgrades, the step up in capex and the lack of upgrades to top-line guidance may be reason for the market to digest the current price level. What we deem important for the long term is the fact that the Chinese country-specific site launch is on track and Asos’s brand goes from strength to strength. We find the £20m incremental step up in capex for each of the next two years as sensible given that ASOS grows in size but this will cause a downgrade to consensus’ FCF estimates. Additionally, we would not be surprised if there is some disruption to the operational leverage achieved at Barnsley’s warehouse this year while this site is being mechanised - Christodoulos Chaviaras, Barclays Equity Research

These results have has once again showed Asos’s ability to achieve sustained levels of impressive growth by coupling a clear global perspective with astute understanding of its target market at a local level. Continued investment in perfecting its product offer, delivering an unrivalled fulfilment options and ensuring an engaging consumer experience helps keep Asos ahead of the game - Liz Faulkner, Conlumino