Asos sales surge amid warning over full-year growth

599
Asos update

Asos has racked up another double-digit jump in sales, but warned that its full-year growth would be just short of market forecasts.

Group revenues at the online fashion giant grew 22 per cent to £823.9 million in the four months to June 30.

This compares to analysts’ average forecast for growth of 25.8 per cent and growth of 27 per cent reported in the earlier first half period.

UK retail sales were up 23 per cent from £234.6 million to £288 million, while sales in the EU rose 31 per cent to £257.4 million.

Meanwhile in the US, sales increased 15 per cent, from £94.4 million to £108.1 million.

Asos said its guidance for full year 2018 sales growth would come in at 25 per cent to 30 per cent.

It added that pre-tax profit was expected to be in line with the consensus of £101 million.

“I am pleased with the way the business has traded over the last four months and we are on track with our plans for the year,” chief executive Nick Beighton said.

“We delivered good sales growth, particularly in the UK, better-than-planned gross margin alongside significant progress on our infrastructure investments.”

The trading update comes a week after Asos announced the appointment of City stalwart Adam Crozier to the role of chairman, to succeed Brian McBride.

Click here to sign up to Retail Gazette‘s free daily email newsletter