ASOS annual sales approach £2bn as it posts 33% growth

ASOS annual sales approach £2bn as it posts 33% growth

The fashion site has delivered a 145pc jump in pre-tax profits to a record £80m while group sales have surged by 33pc to £1.9bn in the year to August 31.

"In a competitive United Kingdom market, we achieved strong full price performance whilst further increasing market share".

"It's been a great year for Asos, with continued growth in sales and profits", said chief executive Nick Beighton.

The company's retail sales grew some 34% to £1,876.5m (2016: £1,403.7m), driven largely by a strong product, proposition improvements and further price investments across major markets.

"Growth in the United Kingdom will be harder to achieve, although new initiatives like Asos Instant (same day delivery in London, due to be rolled out to other United Kingdom cities) demonstrate the retailer's willingness to take risks to capture consumer spend".

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Asos said, United Kingdom retail sales grew by 16 percent, a solid performance in a more promotional market. Customer numbers rose 24% to 15.4 million and the average value of each basket climbed 2% to GBP72.24, in line with the 2% rise in the average amounts of products bought by each customer.

The company said, as previously noted, the continuing FX tailwind enabled reinvestment at a faster rate than initially planned.

"Our worldwide performance was excellent as we reinvested foreign exchange tailwinds and benefited from our continually improving customer proposition".

ASOS said it expects sales to grow by 25-30% in 2018 and said it will accelerate investment in the business as a result of the strong performance. Overseas sales were up 47% and the operation is now nearly double the size (in turnover terms) of the UK. "The investments we are making will see us add 1,000 new heads and will lay the foundations for a 60% increase in unit capacity and GBP4.00 billion of net sales", he added.

ASOS's websites attracted 135.7m visits during August 2017 (August 2016: 117.5m) and as of 31 August 2017 had 15.4m active customers (31 August 2016: 12.4m), of which 5.2m were located in the United Kingdom and 10.2m were located in global territories (31 August 2016: 4.7m in the United Kingdom and 7.7m internationally). The annual sales growth in the medium term is also still anticipated growing by 20% to 25%. For the first time in four years, the company will add new local foreign sites, up to 13 by the end of FY18, ultimately giving the potential to cover all of 200 markets.

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