The international opportunity for online fashion retailer Asos continued to be a winning growth story for investors as overseas sales soared 101% in the year to March 31.
KBC Peel Hunt analyst John Stevenson said that the business remains “one of the few genuine organic retail growth stocks”.
He said that in its fourth quarter Asos suffered from “overly tight stock planning” but pointed out that sales growth has accelerated as stocks were rebuilt in the new year.
Chief executive Nick Robertson said: “The year was characterised by more conservative planning, specifically around stock levels,
a focus on operational and financial control and the introduction of key customer initiatives such as free returns.”
Total sales for its full year soared 35% to £223m and UK sales jumped 23%. The etailer’s pre-tax profits are expected to be in line with forecasts, which analysts expect to be about £19.9m.