Online fashion firm ASOS first-half sales soar

By James Davey

LONDON (Reuters) - ASOS (ASOS.L), the AIM-listed Internet fashion retailer, defied the gloom on the high street, reporting buoyant first-half sales and issuing a confident outlook statement.

In an update published on Wednesday, ahead of its annual shareholders' meeting, the group, formerly known as As Seen on Screen, said ASOS.com's sales for the six months to September 30 increased 104 percent.

The outcome, boosted by stellar sales of tartan dresses, riding coats, platform shoes and statement jewellery, compares to first-quarter growth of 95 percent and analyst forecasts for growth of 70 percent to 90 percent.

"This is a remarkable performance, especially considering the year on year comparative is 80 percent," said analysts at Citi in a research note.

Many retailers are struggling as consumers, under pressure from higher fuel, food and mortgage costs, curb spending.

But ASOS has been bucking this trend, benefiting from a young core customer base and the migration of retail spending from the high street to the Internet.

"We remain positive about the long-term prospects for ASOS and the future of online shopping in general," said Chief Executive Nick Robertson.

"We believe our business dynamics and customer base should be resilient to the wider economic issues and that online shopping will continue to gain market share."