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Asos warns on full year sales growth

Online fashion retailer Asos has said its full year sales growth is likely to be at the lower end of forecasts.

FASHION

Asos warns on full year sales growth

Online fashion retailer Asos has said its full year sales growth is likely to be at the lower end of forecasts.

In a trading statement, the retailer said sales growth is likely to be towards the lower end of a 25% to 30% range while pre-tax profit is expected to be in line with consensus.

In the four months to 30 June, group revenue rose by 22% to £823.9 million with total retail sales growing by the same percentage.

While international retail sales increased by 21% to £514.7 million, retail sales in the UK were up 23% to £288 million.

During the period Asos continued its strong customer engagement with the number of active customers increasing by 20%. It also saw growth in its average basket value and average order frequency, which rose by 1% and 8% respectively.

Nick Beighton, Asos chief executive, said: “ I am pleased with the way the business has traded over the last four months and we are on track with our plans for the year. We delivered good sales growth, particularly in the UK, better than planned gross margin alongside significant pr ogress on our infrastructure investments.”

The company said trading since 30 June has been going well, particularly in terms of full price sell through.

Beighton added: “We remain confident of delivering another year of strong growth.”

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