Asos sales back on track
Online fashion retailer Asos said sales grew better than expected in the four months to 31 December due to strong trading around Black Friday.
Total revenue increased by 20% to £1.1 billion following an 18% uplift in retail sales in the UK and growth of 22% in the EU. Sales in the retailer’s US and rest of the world businesses climbed by 20% and 23% respectively.
Meanwhile, total orders rose by 20% to 27.7 million.
The news follows a difficult 2019 for Asos when the retailer issued two profit warnings.
Nick Beighton, Asos chief executive, said the business had made an encouraging start to the financial year with strong customer acquisition activity supported by a robust operational performance.
He added: “As we said in October, the focus for this year is to further enhance our capabilities and leverage the investments we have made. It is still early in the year and much remains to be done, but we are encouraged by the progress we have made so far. We remain confident in our ability to capture the substantial opportunity ahead of us.”