The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
LONDON, United Kingdom — British online fashion retailer ASOS increased its outlook for sales growth in its 2018 financial year to 25-30 percent after strong growth internationally helped it meet market expectations in the year to end-August.
The company, which targets fashion-conscious twentysomethings, on Tuesday reported retail sales of £1.8 billion ($2.3 billion at current currency exchange), up 34 percent, for the year to end-August.
Pretax profit more than doubled to £80 million ($105.9 million), meeting market forecasts.
Chief executive Nick Beighton said it had been a "great year", which saw its active customer base rise 24 percent to 15.4 million, and the momentum had continued in recent weeks.
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"The potential for our company remains huge," he said.
ASOS said its new year had started well, and its upgraded sales growth forecast included a modest foreign exchange tailwind and a stable operating profit margin of 4 percent.
It said it sales growth target for the medium term after the current year was unchanged at about 20-25 percent.
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