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Rise in revenue at Asos

Asos has reported a 13% increase in revenue to £658.5m in the three months to 28 February, driven by an outperformance in sales in the UK.

Total retail sales went up by 13% to £641.3m, compared with £567.1m in the same period in 2017/18. 

Sales in the UK rose by 14% to £244.4m, while European Union sales increased by 12% to £198.4m. 

US retail sales increased 4% to £76.6m, behind plans for the period, following teething problems with the etailer’s new warehouse in Atlanta.

Meanwhile, Asos reported a revenue increase of 13% to £1.3bn in the six months to 28 February. 

Total retail sales went up by 14% to £1.3bn in the same period. 

Chief executive Nick Beighton commented: “Group sales over the period increased by 13% and retail gross margin improved by 40 basis points. We continued to outperform in the UK with sales growth of 14%. Sales in Europe were up 12%, although France and Germany, our two largest markets, continue to be challenging.  

”Our US performance was behind our plans during the period. As our Atlanta warehouse went fully online, demand far exceeded our expectations. Whilst very encouraging for the longer term, this caused a significant short-term despatch back log which we have now cleared. Our rest of world segment returned to good growth of 20% after a disappointing Q1.

”Our retail gross margin guidance for the year remains. We will be increasing investment in price and marketing in the second half, particularly in France and Germany. Given the actions we are taking together with an improving US performance, we believe the group will deliver stronger growth in the second half. Consequently we remain confident that we will meet guidance for the full year.”

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