Asos in rude health as sales figures soar
Friday 27 April 2012
The online fashion retailer Asos unveiled another soaring set of sales figures yesterday that, while short of some City forecasts, show a business in rude health.
In the three months to the end of March, revenues jumped 33 per cent to £127m. The most striking growth is coming from the international arm, up 63 per cent to £77m.
Nick Robertson, the chief executive, said: "Top line growth is still stellar, though we have slowed down in this quarter. The UK is chugging along. I'd like to be more positive than that, but it is hard work here."
UK sales were up just 4 per cent to £47m, a result that persuaded traders to mark the shares down 13 per cent, or 202p, to 1,395p.
The City predicts Asos will see annual sales top £1bn in three years or so.
Nick Bubb, a retail analyst, said: "The only surprise news is that Asos is to change its year-end from March to August, which is never a good sign in our experience, as it moves the goalposts and confuses comparisons, even though some big fashion chains, like Arcadia/Debenhams, have an August year-end."
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