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Asos profits to beat expectations as sales soar

Online fashion retailer Asos has said that it expects its full year profits to be above expectations after seeing strong sales growth in its fourth quarter.

GENERAL MERCHANDISE

Asos profits to beat expectations as sales soar

Online fashion retailer Asos has said that it expects its full year profits to be above expectations after seeing strong sales growth in its fourth quarter.

In the three months ending 31 August 2013, total retail sales soared by 47% to £208 million. Sales in the UK were strong, rising by 49% to £74 million, while international sales climbed by 47% to reach £134 million.

International sales accounted for 64% of group revenue in the quarter, down from 65% in the same period last year.

In a trading statement, chief executive Nick Robertson said that international growth continued to be driven by the countries in which the retailer had dedicated websites and in-country teams, and was particularly strong in France, Germany, Italy and Spain. Asos also saw good sales growth in the US and in Russia.

At 31 August, Asos had 7.1 million active customers, up from 5 million at the same time last year.

Robertson said: “I am pleased to report a strong finish to the financial year with retail sales growth for the fourth quarter up 47% to £208 million, and up 40% to £754 million for the full year to 31 August 2013.

“We expect profit before tax for the year ended 31 August 2013 to be marginally above expectations.”

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