Economy

ASOS "on track" as it posts 32% rise in sales

ASOS

ASOS plc (ASOMY.PK, ASOMF.PK, ASC.L), a fashion retailer for 20-somethings, reported Thursday that its total group revenues, for the four months ended June 30, climbed 32 percent to 675.8 million pounds from last year's 512.4 million pounds.

AIM-listed ASOS said total revenue in the four months to June 30 grew to GBP675.8 million from GBP512.4 million the year before, as United Kingdom retail sales rose to GBP234.6 million from GBP203.1 million and global retail sales increased to GBP425.5 million from GBP295.2 million.

Retail sales rose 26% to £660.1mln at constant currencies with growth across all its regions, supported by the growing shift towards online shopping.

USA sales increased 26% to £94.4mln, European Union sales rose 30% to £196.6mln and sales in the rest of the world gained 41% to £134.5mln.

The UK performed strongly in the four-month period with retail sales up 16% at £203.1m but global sales were up an impressive 44% at £295.2m.

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ASOS said its results were boosted by a 25% increase in the number of active customers, a 3% rise in average basket value and 6% rise in average order frequency.

In light of these figures, the retailer now expects full year sales to come in at the higher end of the 30-35 per cent range, and full year profits before tax are expected to come in line with expectations at £79.4 million.

That wasn't enough for investors, though: shares fell 1.5 per cent to 5,722p in the minutes after the market opened.

This good performance has been underpinned by advances across all areas of our business including retail, technology, warehousing, delivery solutions and customer care.

During the period the ASOS transitioned to its new Eurohub 2 logistics centre in Germany, with phase two underway, and anticipates announcing a new United States logistics hub soon.


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