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ASOS (LON:ASC) report: Interim PBT +59%YoY; no interim dividend; sees FY in line with market expectations

Contributed by Daniel Stewart & Company

By Daniel Stewart & Co

- ASOS reported (Sep) 1H’10/11 retail sales +50%YoY, with international +120% (35% of total), and total revenue at ?139.7m +45%YoY. Retail gross margin improved at 47.4% vs 44.6% a year earlier; Operating profit rose 61%YoY (?7.1m); PBT rose 59%YoY to ?7.0m.

- The company noted that average basket value was up 9%, average selling price was up 11%, visits rose 65% and the number of active customers rose 33%. The US website was launched with initial trends as expected.

- ASOS commented: “As we head into the important Q3 trading period, we remain positive about the outlook for the second half and expect our full year results to be in line with market expectations".