Asos sales surge 29% thanks to Brexit-battered pound
The company said total sales in the four months to 30 June rose 32 per cent to £676m, driven by strong growth in the US and Europe
Online fashion retailer Asos has posted a jump in third quarter revenue, helped by a surge in international sales and investment in lower prices.
Asos said total sales in the four months to 30 June rose 32 per cent to £676m, driven by strong growth in the US and Europe, where revenue rose 38 per cent and 41 per cent respectively.
In the UK, revenue rose 16 per cent to £234.6m.
The company has previously said, as a net exporter, the collapse in the value of the Brexit-battered pound has helped its international sales rocket and allowed it to plough more into price cuts.
CEO Nick Beighton said on Thursday: “This good performance has been underpinned by advances across all areas of our business including retail, technology, warehousing, delivery solutions and customer care.”
Asos said it remains on track to notch up full year pre-tax profit of £79.4m.
The group’s buoyant results come while most other British retailers are facing torrid times.
John Lewis has warned over a “turbulent and challenging” high street amid cost pressures from rising inflation, higher costs and a dramatic shift in consumer spending.
Lord Wolfson, the chief executive of Next, has also warned of another tough year ahead as the high street giant grapples with a slowdown in consumer demand.