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ASOS revenue growth surpasses expectations

Online fashion retailer ASOS has said its revenue growth surpassed expectations in the four months to 31 December after trading was boosted by investment in product,… View Article

FASHION

ASOS revenue growth surpasses expectations

Online fashion retailer ASOS has said its revenue growth surpassed expectations in the four months to 31 December after trading was boosted by investment in product, pricing and marketing, and stronger than anticipated consumer demand.

Total retail revenue climbed by 23% to just over £1.3 billion after UK retail sales increased by 36% to £554.1 million. International sales growth was also strong with sales up 18%, 13%, and 15% in the EU, US and the rest of the world respectively.

Nick Beighton, ASOS chief executive, said: “We are really pleased with the strong performance we have delivered, which is testament to both the strength of our multi-brand model and the hard work of our people. We have continued to execute well and deliver for our customers, whilst investing into growing our business and driving further efficiency through a strong operational grip.”

During the period, the retailer’s active customer base increased by 1.1 million to 24.5 million. ASOS said the growth offset the impact of existing customers having fewer occasion-led reasons to shop due to the coronavirus pandemic.

The performance means that ASOS now expects its full year pre-tax profit to be at the top end of current market expectations.

Beighton said: “Looking forward, given the uncertainty associated with the virus and the impact on customers’ lives, our cautious outlook for the second half of the year remains unchanged. However, the strength of our performance gives us confidence in our continued progress towards capturing the global opportunity ahead.”

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