Asos Q2 sales up 37%
Online fashion retailer Asos has reported a 37% jump in its second quarter sales driven by a better than expected UK performance and strong international sales.
In the three months ending 28 February 2013, total retail sales reached £186.5 million as Asos grew its number of active customers by 40% year-on-year to 6 million. Total group revenues climbed 37% to £190 million.
While sales in the UK rose 28% to £76.5 million, international sales increased by 45% to £111 million. Sales in the US grew by 50% in the quarter while in Europe there was an uplift of 58%. For the rest of the world, sales increased by 33%. During the quarter, international sales accounted for 59% of total sales, up from 57% in the previous year.
Retail gross margin was down c.50bps on the prior year although Asos expects this to improve during the remainder of the financial year as the retailer annualises last year’s price investments and achieves planned sourcing gains.
During the first half of the financial year, total retail sales increased by 34% to £352 million.
Commenting on the results, chief executive Nick Robertson said: "I am delighted with our robust first half performance.
"Our UK performance remained ahead of expectations at +28%, with particularly strong trading during the peak December period. Our international business grew by 45% and now accounts for 59% of our total retail sales. Our EU growth continues to be driven by strong performance in those countries where we have dedicated websites and particularly by our new in-country teams in France and Germany.
"We remain positive in our outlook for the year to 31 August 2013 and continue to trade in line with expectations."Register now for the Retail Bulletin's 2nd International Expansion Summit 26th March 2013. Confirmed speakers include Bench, Debenhams, Costa Coffee, Mothercare, The Hamleys Group, Alliance Boots, Austin Reed, Hobbs, Coffee Planet, Icon Live, Codex Global, The Javelin Group, Field Fisher Waterhouse LLP and Ogone UK. The event is designed for UK retailers who are planning for or are developing an international growth strategy. Register now to secure your place.
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