Online fashion specialist Asos has posted a sharp slowdown in UK sales but overseas revenues continue to soar.
The retailer said it would meet full-year profit expectations despite challenging conditions at home, where year-on-year sales inched up 1% in the second quarter compared to a 15% advance in the first.
International sales leaped by 141% in the three months to September 30, bringing the overall rise to in retail sales to 53% year-on-year - a total of £106.7m.
Asos launched three new international sites in the second quarter serving Australia, Italy and Spain. In the first half UK sales rose 8% and international by 150%, resulting in a 60% increase in retail sales to £210.9m. The retail margin improved by 170 basis points.
Asos chief executive Nick Robertson described the first half as “strong” and said: “Our retail sales grew 60% over the comparable period, with our international business more than compensating for the economic challenges facing our UK customer base.
“With costs and stock tightly managed and retail margin ahead of prior year, we are confident of achieving results in line with market expectations.”