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ASOS grows sales by 10% as it pledges to repay furlough support

ASOS grew its group sales climb by 10% to £1.01 billion in the four months to 30 June as it benefited from increased demand from customers and more warehouse capacity. The online… View Article

FASHION RETAIL NEWS UK

ASOS grows sales by 10% as it pledges to repay furlough support

ASOS grew its group sales climb by 10% to £1.01 billion in the four months to 30 June as it benefited from increased demand from customers and more warehouse capacity.

The online fashion retailer also saw its active customer base rise by 16% to 23 million due to particularly strong growth overseas.

While sales in the UK were down 1% in the period, international sales climbed by 17% following respective uplifts of 22%, 3% and 19% in the retailer’s EU, US and rest of the world businesses.

ASOS said it is on track to achieve strong growth in full year profits and has pledged to repay previously claimed furlough support from the government.

Nick Beighton, Asos chief executive, said: “This has been a tough time for all businesses, but we have remained focused on doing the right thing for our people and our customers and making sure that we emerge from the current crisis as a stronger and better organisation. I am particularly proud of the resilience, flexibility and creativity the ASOS team and our business partners have shown.

“Our performance in P3 shows that we are delivering against this aim despite the tough economic and social backdrop. We have learnt a lot and adapted quickly, and ASOS finishes the period with improved underlying profitability. While we remain cautious about the consumer impact of Covid-19 looking forward, we are on track to deliver strong year-on-year profit growth and to return to positive free cash flow for the full-year .”

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