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Asos profits rise as UK sales jump 18%

Asos has reported that its sales increased 37% to £911.5m for the six months to 28 February, while pre-tax profit rose 14% on the previous year to £27.3m.

The etailer’s UK sales grew 18% in a more promotional market, while international sales soared 54% helped by the reinvestment of foreign exchange tailwinds.

Retail gross margin fell 40 basis points on the previous year, which Asos said was in line with its plan.

The total number of orders shipped was 23.3 million, up 33% on 2016.

Asos increased its full-year sales growth guidance to 30-35%, from 20-25%, but said full-year pre-tax profit will be in line with market consensus at between £72m and £84.5m.

“These are a strong set of results, showing great progress across the business,” said chief executive Nick Beighton. “International growth of 54% has been excellent and with the rest of the world segment a standout performer.”

He said customer acquisition, up 29%, takes its active customers to more than 14 million.

“We passed the five million active customer mark in the UK, where we have shown solid sales growth of 18% in a more promotional market,” he added.

 

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