US: Asos Q1 sales up on continued international growth
- Q1 revenue up 30% to GBP169.4m
- UK sales grew 24%
- International sales up 34%
Online clothing retailer Asos has recorded a jump in first quarter revenue as international sales continued to drive growth.
The retailer said revenue increased 30% to GBP169.4m (US$273m) over the quarter ended 30 November, against GBP130.6m in the same period last year. UK sales grew 24% and international sales were up 34%.
International sales now account for some 63% of sales, up from 61% in the same period of last year.
Retail gross margin was down 100bps over the prior-year period, which the group attributed to the combination of a particularly strong comparative period, the UK accounting for a larger percentage of the total retail sales mix than initially planned, and continued price reinvestment.
"Our UK performance was ahead of expectations at 24%, driven by better conversion of traffic alongside continued investment in both our proposition and pricing," said CEO Nick Robertson.
"Our international business grew by 34% and now accounts for 63% of our total retail sales. We achieved 57% growth in the US, 42% growth in rest of world, and 15% growth within the EU. Once again the performance of countries where we have dedicated websites was significantly better than the EU performance as a whole."
During the first quarter the company opened offices in the US, France and Germany.
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