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| Asos sales surge 29% thanks to Brexit-battered pound | Asos sales surge 29% thanks to Brexit-battered pound |
| (1 day later) | |
| Online fashion retailer Asos has posted a jump in third quarter revenue, helped by a surge in international sales and investment in lower prices. | 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. | 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. | 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. | 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.” | 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. | 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. | 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. | 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. | 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. |