UK: Asos H1 growth driven by international demand
- H1 underlying pre-tax profit up 66% to GBP11.6m
- Sales up 56% to GBP217.3m
- International revenues up 150% to GBP122.2m
Global online fashion retailer Asos saw underlying profit jump over the first-half, with strong international growth offsetting weaker UK sales.
The company today (3 November) reported that underlying pre-tax profit rose 66% to GBP11.6m (US$18.5m) on the back of a 56% increase in sales to reach GBP217.3m.
International revenues jumped 150% to GBP122.2m while UK sales growth slowed to 8% to reach GBP88.6m. UK sales were up 25% over the previous financial year.
International sales increased their share of the business, now representing 58% of the total, up from 37% last year. Over the half, Asos launched country specific sites in Australia, Italy and Spain.
The company said that retail margin improved by 170 bps and gross margin rose 10 bps on the previous year.
"With our continued rapid and profitable international expansion, we remain confident of achieving full year results in line with market expectations," said CEO Nick Robertson.
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