ASOS targets 16 to 34 year olds with cut-price versions of celebrity outfits
The online fashion retailer Asos has reported strong sales growth as recession-hit shoppers seek bargains.
Sales for the 12 months to end of March came in at £165m, which was a rise of 104% from the previous year.
Asos said pre-tax profits should beat market expectations and predicted that it would enjoy another year of strong growth in 2009.
Asos, formerly known as As Seen on Screen, sells cut-price versions of designs worn by celebrities.
"I am pleased to report another excellent year for Asos," said chief executive Nick Robertson.
"The business remains debt free and, as at 31 March 2009, had £13.6m of cash," he added.
Sales for the four weeks to 24th April were up 80% compared with the same period last year.
Mr Robertson said the company was not immune from the economic downturn, but, "as widely reported, younger fashion is proving more resilient, internet shopping continues to gain in popularity and our international sales are being bolstered by the weak pound".
The results come at a time when many High Street retailers are struggling as customers cut back on their spending.