Asos shares (LON:ASC) ticked up as much as 14% on Wednesday after the company posted a strong set of results for the year.

The online fashion retailer posted a £500 million rise in revenue to £2.4 billion for the year to 31 August.

Profit also rose 28% to £102 million, slightly above expectations.

Back in July, Asos issued a sales warning, sending shares 10% lower.

The fast fashion retailer said that whilst it remained on track to reach profit targets, sales growth would be “likely towards the lower end” of the expected 25 – 30% range.

Chief Executive, Nick Beighton commented on the results:

“Our reported profit increase was achieved despite bearing material transition costs due to our investment programme,”

“All our financial and customer key metrics have shown positive growth. Our guidance remains unchanged both for the current year and the medium term, despite our record levels of investment.”

Regarding future growth, Beighton remained upbeat:

“The potential for our business is huge and we remain focused on building Asos into the world’s number one destination for fashion-loving twentysomethings.”

Online retailers such as ASOS and Amazon have continued to outperform the more traditional high-street stores, as consumers increasingly turn to the ease of the Internet to shop.

Earlier this week, fashion chain Coast announced its collapse into administration becoming the latest victim of the high-street crisis.

Shares in ASOS are currently trading +14.20% as of 10.38AM (GMT).