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Asos two-month sales up by 26%

Online fashion retailer Asos has reported that its retail sales climbed by 26% in the two months to end February and now says it is confident that sales will reach £1 billion in the 2013/14 financial year.

GENERAL MERCHANDISE

Asos two-month sales up by 26%

In the UK sales rose by 21% while international sales climbed by 29% in the two month period. Sales overseas now make up 65% of the total compared to 63% last year.

Asos said trade was strong in all territories except Rest of World where it experienced adverse currency movements, notably in Australia and Russia.

During the period, Asos increased its investment IT and in warehousing both in the UK and Germany. The retailer said an investment of at least £68 million in capital expenditure in the current year will increase its sales capacity to circa £2.5 billion per annum, which is £1 billion more than previously guided.

Asos ended the period with 8.2 million active customers, a 36% increase year-on-year.

The strong sales in the two month period helped push retail sales 34% higher in the six months to 28 February.

Nick Robertson, Asos chief executive, said: “The group delivered strong sales and margin growth over the first six months of the year and we are now confident of achieving £1 billion of sales in FY 2013/14.”

He added: “It has been an exceptionally busy period of activity at ASOS, with continued growth and accelerated investment, as we continue to build The Number 1 Online Fashion Destination for 20 Somethings Globally."

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