Source - SMW
Pre-tax profits at online fashion group ASOS rose by 145% to a record £80.0m in the year to the end of August.

Revenues of £1,923.6m were up by 33% on a year ago - 27% at constant currencies.

The group said retail sales growth of 34% to £1,876.5m (2016: £1,403.7m) was once again driven by strong product, proposition improvements and further price investments across major markets.

It aid that as previously noted, the continuing FX tailwind enabled reinvestment at a faster rate than initially planned. 

Retail gross margin increased by 10bps to 48.6% (2016: 48.5%) as price investments in the US, Europe and some RoW territories were offset by a higher full price mix. 

Delivery receipts grew 18% aided by higher next-day delivery usage and the expansion of Premier globally.

Chief executive Nick Beighton said: 'It's been a great year for ASOS, with continued growth in sales and profits. 

'Our international performance was excellent, as we reinvested FX tailwinds and beneftted from our continually improving customer proposition. In a competitive UK market, we achieved strong full price performance whilst further increasing market share.

'At the same time, we ramped up our investment in building the increasingly strong and differentiated ASOS proposition. 

'Our new agile technology platform is allowing us to accelerate our pace of innovation with great benefits for our customers, including new payment methods and additional language sites to come. 

'The investments we are making will see us add 1,000 new heads and will lay the foundations for a c.60% increase in unit capacity and c.£4 billion of net sales.

'The new financial year shows continuing momentum in the business. 

'The potential for our company remains huge. We are confident we are positioning ASOS to be the world's number one destination for fashion loving twentysomethings.'