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Asos posts strong quarterly sales growth

Online fashion retailer Asos has reported that total retail sales climbed by 13% to £641.3 million in the three months to 28 February.

FASHION

Asos posts strong quarterly sales growth

Online fashion retailer Asos has reported that total retail sales climbed by 13% to £641.3 million in the three months to 28 February.

While UK sales rose by 14%, sales in Europe, the US and its rest of the world business increased by 12%, 4% and 20% respectively.

Asos said the 14% increase in the UK meant it had outperformed in the market although trading in France and Germany was challenging.

The number of total orders placed rose by 15% to 17.3 million in the period although the average basket size and average basket value were down by a respective 1% and 2%.

Nick Beighton, Asos chief executive, said: “Our retail gross margin guidance for the year remains. We will be increasing investment in price and marketing in the second half, particularly in France and Germany. Given the actions we are taking together with an improving US performance, we believe the group will deliver stronger growth in the second half. Consequently, we remain confident that we will meet guidance for the full year."

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