Tuesday, August 16, 2022

International sales boosts ASOS’ coffers in latest trading update

The economic impact of the recent Brexit referendum appears to have had no impact on ASOS, with the etailer reporting a strong financial performance in its third quarterly update.

The online fashion retailer’s sales increased 30 per cent in the four months to June 30, bucking the uncertainty and downturn of the UK economy as the nation went to the polls on June 23 for the EU referendum.

National sales went up 28 per cent while the number of active customers grew to 12 million – an increase of 24 per cent.

Meanwhile, international sales grew 31 per cent, boosted by a massive sales upticks of 53 per cent in the US sales and 32 rise across Europe.

International purchases made up almost two-thirds – or 59 per cent – of the etailer‘s total sales during this third quarterly period.

In May, ASOS shut down its China website and said the operating losses and closure costs were at around £10 million.

Nonetheless, the UK-based etailer expects its full-year results to report a growth of approximately 20-25 per cent.

“I am pleased to report strong retail sales growth of 30 per cent over the four months to 30 June 2016, underpinned by our continued price and proposition investments,” chief executive Nick Beighton said.

“Given the increased momentum within the business combined with our strong financial position, we will maintain our successful programme of reinvestment to take advantage of the opportunities currently available to us.”

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