Online clothing specialist Asos has seen its shares rocket following strong sales beating analysts’ expectations.
Strong online demand led to total retail sales at Asos rising 31 per cent to £136.9 million in the three months to June 30. The company said its UK performance was “particularly encouraging”, with sales rising by £48 million.
The strong growth represented an eight per cent rise in the UK and a 49 per cent jump in international revenues. Asos said its UK performance was “particularly encouraging” given the current climate, with sales up £48 million. With consumers becoming more price-savvy on dymanic pricing and carrying out competitor price monitoring online, it is not suprising that the clothing specialist is using pricing intelligence to grow sales; it said it had lowered some prices “to reflect the economic challenges” of its customers.
Now delivering to 160 countries, the company has enjoyed success in the US and Australia since launching websites there in 2011. International operations now represents 65 per cent of the retailer’s revenues, up from 57 per cent in 2011. Asos sells more than 50,000 branded and private-label womenswear and menswear ranges. Shares in Asos rose 13 per cent to 211p on Tuesday.
© Profitero 2012
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