Online fashion firm ASOS profit surges

LONDON (Reuters) - Online fashion retailer ASOS (ASOS.L) shrugged off the consumer downturn, posting a steep rise in annual profit and a near doubling in first-quarter sales as it benefits from the growing popularity of Internet shopping.

The group, which sells over 10,900 clothes and accessories on its ASOS.com site, said on Monday underlying profit surged 176 percent to 8.25 million pounds in the year to March 31 on a 90 percent increase in revenues to 81 million.

Sales in the 13 weeks to June 27 were up 95 percent, it added.

"Whilst it's too soon to suggest that this performance will continue for the full year, we are confident that 2008/09 will be another strong year for ASOS," it said in a statement.

(Reporting by Mark Potter, Editing by Mike Elliott)