UPDATE 2-Online fashion firm ASOS H1 profit up 68 pct

Mon Nov 17, 2008 2:44am EST
 
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* ASOS first-half pretax profit 4.1 mln pounds

* Says H1 sales up 107 pct to 65.7 mln pounds

* 7 weeks to Nov. 16 sales up 104 pct

* Cautiously optimistic about coming months

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LONDON, Nov 17 (Reuters) - ASOS (ASOS.L), the AIM-listed British Internet fashion retailer, on Monday posted a 68 percent increase in first-half profit and said current trading remained buoyant.

"So far ASOS is proving resilient to the slowdown in consumer spending and sales for the seven weeks to Nov. 16 2008 are 104 percent ahead year on year," it said.

"We view the coming months with cautious optimism."

The group, formerly known as As Seen on Screen, also said it sees a "huge growth opportunity" from international expansion.

To this end it has appointed Jon Kamaluddin, currently Finance Director, to the role of International Director, although he will continue in his current role until a replacement is found.

For the six months to Sept. 30 ASOS made a pretax profit of 4.1 million pounds ($6.07 million) up from 2.4 million pounds in the same period last year.

Its sales increased 107 percent to 65.7 million pounds, boosted by strong performances from tartan dresses, riding coats, platform shoes and statement jewellery.

International sales were up 252 percent to 11.4 million pounds.

First-half gross margin was up 80 basis points to 46 percent.

ASOS ended the period with cash of 8.9 million pounds.  Continued...

 
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