Wednesday 12 December 2018

Asos posts soaring sales, but warns over full-year growth

The online-only fashion chain operates in the UK, US and across the EU.

Asos said its full-year sales growth would be at the lower end of market expectations (Tim Goode/PA)
Asos said its full-year sales growth would be at the lower end of market expectations (Tim Goode/PA)

By Helen Cahill, Press Association City Reporter

Asos has racked up another double-digit jump in sales, but warned that its full-year growth will be at the “lower end” of market expectations.

The online fashion retailer said its group revenues grew by 22% to £823.9 million in the four months to June 30.

UK retail sales were up 23% from £234.6 million to £288 million, while sales in the EU rose 31% to £257.4 million.

In the US, sales increased 15%, from £94.4 million to £108.1 million.

Asos expects its profit before tax to be in line with consensus forecasts for the year.

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Asos chief executive Nick Beighton (Asos/PA)

Chief executive Nick Beighton said: “I am pleased with the way the business has traded over the last four months and we are on track with our plans for the year.

“We delivered good sales growth, particularly in the UK, better-than-planned gross margin alongside significant progress on our infrastructure investments.”

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Adam Crozier will take over as Asos chairman in November (ITV/PA)

The trading update comes after Asos announced that Adam Crozier, the former boss of ITV and Royal Mail, would become its chairman.

He is also chairman at Whitbread, the firm behind Costa Coffee and Premier Inn.

Mr Crozier will succeed Brian McBride when he steps down on November 29 after six years heading the board.

Press Association

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