Online boost for fashion chain

INTERNET fashion chain ASOS has seen profits double as online shopping sites continue to escape any slowdown in consumer spending.

The company, which stands for As Seen On Screen, posted pre-tax profits of £7.3 million in the year to March 31 – more than double the previous year's £3.4m.

The company also defied the slowdown felt elsewhere on the high street with a 95 per cent increase in sales in the 13 weeks to June 27, following on from 85 per cent growth last year.

Chief executive Nick Robertson said he had seen "no noticeable slowdown" in business.

He added: "While the macro-economic conditions appear to be deteriorating, I believe we have, and will continue to benefit from, the significant migration to on-line shopping, especially among our core customer base."