Asos sales up 59%

Online clothing retailer Asos reported sales up 59%, see its shares rise 8.5%.Nick Robertson, chief executive, said sales would have been higher by around 5% if it was not for the disruption caused by the poor winter weather. He said sales over the quarter

were "very strong", adding that full-year pre-tax profits were likely to be in line with market expectations.

Shares in the retailer, which used to be called As Seen On Screen, rose 133p to £16.83.

The company benefited from strong sales from its US, French and German websites, which launched in October last year.

In total, international sales at Asos grew by 156%. Sales from its UK business increased by 23%. International sales now account for 44% of total sales, up from 37% in the first half.

Matthew McEachran, analyst at Singer Capital Markets, said that there has been "good take-up" of Asos's new overseas websites.

He also pointed out that Asos's largest investor, Bestseller, has continued to increase its holding over the past few months and now owns 18.3%.

"This could potentially be a stepping stone to a formal takeover, and bid speculation has increased recently," he said.

Image: Asos lookbook SS11