Asos profits up 14% on back of Brexit-battered pound
Asos has posted a jump in half-year profits, boosted by a significant surge in international sales following the collapse in sterling.
The online fashion retailer said pre-tax profits rose 14% to £27.3m in the six months to February 28, while revenue increased 37% to £911.5m. The Brexit-battered pound helped international sales soar 54% to £548.4m.
The company added: "As a net exporter, sterling weakness has created a foreign exchange tailwind for the business, which has enabled investment above previously planned levels into both price and proposition."
As a result, Asos has again upgraded its sales guidance for the full year, pencilling in growth in the 30%-35% range.
In the UK, where Asos flagged a "more promotional market", retail sales rose 18% to £340.8m.
Chief executive Nick Beighton said: "These are a strong set of results, showing great progress across the business. International growth of 54% has been excellent, with the rest of the world segment a stand-out performer.
"Given the current momentum we are seeing, Asos is making good progress towards its ultimate goal of becoming the world's number one destination for fashion-loving twenty-somethings."