ASOS sales growth 'beginning to moderate'.

Summary: The stellar rate of growth at online fashion retailer ASOS appears to be slackening off despite virtually doubling annual profits.

The stellar rate of growth at online fashion retailer ASOS appears to be slackening off despite virtually doubling annual profits.

Sales in the 13 weeks to June 26 were 52 per cent ahead of the same period last year - compared with 80 per cent at the end of April.

Chief executive Nick Robertson said: "Clearly we are facing much tougher comparables, and there is now some evidence to suggest that the rate of growth in online sales has begun to moderate."

The firm - which targets the 16 to 34 age range with clothing and accessories based on celebrity outfits - saw year-on-year growth in online clothing sales slowing to 8 per cent in May, the lowest in the nine-year history of the Interactive Media in Retail Group's index.

But ASOS - which stands for As Seen On Screen - is taking heart from market expectations that the share of clothing bought online is set to double from the current 5.7 per cent to more than 11 per cent by 2013.

Pre-tax profits in the year to March 31 were Au14.1 million, 93 per cent ahead of the previous year. The group has 1.2 million active customers and almost 25,000 products.

Independent Television News Limited 2009. All rights reserved.

Independent Television News Limited 2009. All rights reserved.

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