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ASOS full year sales climb by 26%

Online fashion retailer ASOS has delivered a strong set of results for the year to 31 August with retail sales growth of 26% to £1.4 billion.

GENERAL MERCHANDISE

ASOS full year sales climb by 26%

Online fashion retailer ASOS has delivered a strong set of results for the year to 31 August with retail sales growth of 26% to £1.4 billion.

The company said the increase was driven by product, delivery improvements and further price investments across its major markets.

While UK retail sales rose by 27%, the US and EU saw growth of 50% and 28% respectively.

Continuing profit before tax and exceptional items was up 37% to £63.7 million as investments in delivery proposition, marketing and depreciation were offset by warehouse automation efficiencies and the non-recurrence of last year’s £4.9 million fixed asset write-offs.

After taking into account exceptional items and discontinued operations, ASOS made a pre-tax profit of £32.7 million compared to £47.5 million in the previous year.

Nick Beighton, ASOS chief executive, said: “The strength of these results reflects our unwavering focus on delivering great customer experience, supported by rigorous execution of our investments. We continue to target our growth opportunities, so we’re accelerating investment in both logistics and technology. The pace at ASOS is continuing in the new financial year, which we are looking forward to with confidence.”

ASOS said mobile continues to be critical to its success. It now has more than 10 million active installs of its app, with 7.5 million new downloads during the financial year. On average, ASOS customers shop on the app eight times a month, spending more than 70 minutes online during that time. As a result, 66% of traffic now comes from mobile devices and 51% of orders are now being placed on the company's mobile platforms.

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