Asos’ double digit growth

Asos has released its results for the first quarter of its financial year, with sales growth 30 per cent year on year.

For the three months to November 30, the company’s revenue was £169 million, with sales sitting at £166 million.

International sales, which make up a the majority of the online retailer’s sales at 63 per cent (up two per cent), grew 34 per cent, which sales in its home market of the UK rose by 24 per cent.

Retail gross margins were down 100bps on prior year (+440bps in Q1 2011/12). It had 5.4 million active customers at 30 November, up 35 per cent year on year. Asos CEO, Nick Robertson, said he was pleased to report strong trading for the three months to 30 November.

“Our UK performance was ahead of expectations, driven by better conversion of traffic alongside continued investment in both our proposition and pricing,” said Robertson.

“Once again the performance of countries where we have dedicated websites was significantly better than the EU performance as a whole.

“The retail gross margin performance reflects a combination of a particularly strong comparative period, the UK accounting for a larger percentage of the total retail sales mix than initially planned and continued price reinvestment. We remain positive in our outlook and continue to trade in line with expectations.”

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