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Asos reports 30% increase in sales in Q1

Asos has reported a 30% increase in total retail sales for its first quarter as the UK performed “ahead of expectations”.

For the three months ending November 30, the etail giant saw sales rise to £166m, a 30% increase on the same period last year.

UK retail sales increased by 24% during the period to £62m, a performance which Asos chief exec Nick Robertson said was ahead of expectations.

He put this down to better conversion of traffic and continued investment in proposition and pricing.

International sales grew 34% during the quarter to £103.7m. Overseas sales now account for 63% of total Asos revenues.

The US saw the most growth compared to the first quarter last year, with retail sales up 57% to £19m.

EU sales rose 15% to £33.3m, with Germany, France, Italy and Spain, where Asos has local sites, performing better than the average. The rest of the world totalled £51.3m, up 42% on the previous year.

However retail gross margin was 100 basis points down on last year.

“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,” Robertson explained.“We remain positive in our outlook and continue to trade in line with expectations.”

Robertson recently topped Drapers 2012 Power List of the Top 100 most influential people in the fashion industry.

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