British online fashion retailer Asos has reported total sales for its first quarter soared by 30 per cent to £165.8 million. Asos shares rose by more than 5 per cent after the company posted strong sales growth.
In the three months ended November 30, the etailer’s UK sales rose by 24 per cent to £62 million when compared to the same period last year; global sales jumped to £103.7 million, an increase of 34 per cent on Q1 2011.
European sales rose 15 per cent over the quarter period to £33.3 million. In the US, the company’s retail sales soared by 57 per cent to £19 million. Asos’ total group revenues rose by 30 per cent to £169.4 million for the quarter.
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”, said Asos chief executive Nick Robertson. “We remain positive in our outlook and continue to trade in line with expectations.”
International operations now accounts for 63 per cent of total retail sales at Asos; the retailer opened offices in France, Germany and the US over the quarter.
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