Interview: Asos' Nick Robertson defies doubters

“We are growing very well,” Robertson says, dismissing some analysts who have questioned the fact the company’s forecast £40m pre-tax profit for year-end March 2012 is not at the higher end of expectations.

“We are still growing in the UK, which a lot of people are not. We are not disappointed by the results because we anticipated this slight easing.”

Robertson puts part of it down to strong comparatives in the previous year when Asos launched global free shipping.

Figures suggest Robertson has little to worry about. Asos recorded an impressive 103% international growth across the year and 7% UK sales growth.

Gross margin exceeded expectations, due in part to Asos’ international growth due to the lack of VAT, and own brand sales have also been strong.

International growth remains the priority as Asos aims to be a “global fashion destination”. Robertson revealed it has opened its first office outside the UK in Australia this week and will soon be opening offices in New York, France, Germany and Italy in the next six months. The Asos boss believes this will be the “game changer”.

But what does this mean for UK trading which has plateaued? “We’re never going to grow at 70% again,” says Robertson. “Guidance is flat and I’m not going to push the UK more than I need to.”

“Like most retailers, I wish we had more in the UK but we’ve got what we’ve got.

“When you look at it, my customer is 20-something and it’s highly likely they’ll be unemployed, or haven’t got access to credit or may have looming student loans.”

And with the news that the UK has slipped back into recession after two quarters of economic shrinkage, its shoppers are likely to feel even less able to freely splash cash on non-essentials.

But Robertson is bullish. “Asos is trying to build a global fashion destination. The UK is 3% of global internet traffic and the UK double dip is irrelevant in the overall scheme of things.

“I’m confident in the business trading well. Why wouldn’t I be?”