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ASOS posts strong quarterly growth

ASOS has posted  strong revenue growth in the four months to 30 June despite the impact of coronavirus restrictions, volatile demand and an increased global supply… View Article

FASHION

ASOS posts strong quarterly growth

ASOS has posted  strong revenue growth in the four months to 30 June despite the impact of coronavirus restrictions, volatile demand and an increased global supply chain pressure.

The online fashion retailer saw its group sales climb by 21% in constant currency to £1.29 billion. While sales in the UK rose by 36% to £526.4 million, international sales increased by 11% £715.7 million.

The retailer said its performance was particularly strong in the UK, although the final weeks of June saw a softening in sales due to the impact on consumer demand of continuing Covid uncertainty and unseasonal weather.  There was also good growth in the EU despite various levels of  restrictions remaining in place for much of the period.

The retailer said its full year adjusted pre-tax profit is anticipated to be in line with expectations.

Nick Beighton, ASOS chief executive, said: “ASOS has delivered another strong performance against a backdrop of continued social restrictions and global supply chain pressures, and I would like to thank our ASOS team members for their continued commitment, resilience, and enthusiasm through the pandemic.

 “Although mindful of the continued impacts of the pandemic on our customers in the short term, we believe that the structure of the global ecommerce fashion market has changed forever, which will drive an increase in online fashion sales over the long term. We’re excited about the size of the prize ahead of us and the opportunity of delivering on our ambition of being the number one destination for fashion-loving 20-somethings.”

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