UK’s online fashion retailer ASOS reported a decline in profit for fiscal 2014, despite significant growth in revenues.

For fiscal 2014, pre-tax profit declined 14% to £46.90m from last year’s £54.67m.

Group revenues, however, climbed 27% to £975.47m from prior year’s £769.40m. UK retail sales climbed 35%, while international retail sales grew 22%.

In the year, gross profit grew 22%, while gross margin dropped 210 basis points to 49.7%, and retail gross margin dropped 210 basis points to 48.7%.

Looking ahead, the company sees flat profit next year.

Separately, ASOS announced that Nick Beighton, chief financial officer, would become chief operating officer with immediate effect. In his new role, Beighton will add responsibility for retail and international to his existing responsibilities for finance, IT, supply chain and logistics.