UK: Asos Q1 sales up 31% on international growth
- First-quarter revenue rose 31% to GBP141.1m
- UK sales improved, growing 8% to GBP48.1m
- US sales up 83% to GBP12.9m
Online fashion retailer Asos has posted a jump in first-quarter sales driven by strong revenues in the US and Australia, and an "encouraging" performance in the UK.
Group revenue jumped 31% to reach GBP141.1m (US$219.2m) in the quarter ended 30 June. UK sales increased 8% to GBP48.1m, while US sales surged 83% to GBP12.9m, and the rest of the world, which the retailer said is predominantly Australia, saw sales grow 61% to GBP43.5m.
CEO Nick Robertson said international sales now represent 65% of total sales, up from 57% last year.
"We remain positive in our outlook and continue to trade in line with expectations," he said.
Conlumino analyst Simon Chinn described the performance as a "solid set of results", with "ongoing buoyant growth internationally, complemented by an improved performance in the UK.
"While trading has improved at home, Asos' expanding global footprint is what continues to be its core growth driver. Sales from abroad now account for 65% of total turnover, up from 57% last year, which firmly positions Asos as a truly international online fashion retailer," said Chinn.
"Another positive sign internationally is that, for the time being, Asos' trading in continental Europe shows no signs of being disrupted by the tumultuous economic conditions in the eurozone.
"While consumer confidence and retail sales across the eurozone remain in a precarious state, Asos is outperforming as its highly desirable but competitively priced fashion and free delivery options appeal to consumers in an increasingly austere environment."
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