Belfast Telegraph

Asos announces revenue increase driven by international sales

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 June 30 rose 32% to £676 million, driven by strong growth in the US and Europe, where revenue rose 38% and 41% respectively.

In the UK, revenue rose 16% to £234.6 million.

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.

Boss Nick Beighton said on Thursday: "Strong half one sales momentum has continued through the third period supported by our ongoing investment in our customer proposition and in price.

"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 £79.4 million.

The group's buoyant results come while most other British retailers are facing a torrid time.

John Lewis has warned over a "turbulent and challenging" high street amid cost pressures from the rising inflation and 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.