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Asos Sales Growth Slows on Australia and Russia Currency Moves

Asos 2014 | Source: Asos
By
  • Bloomberg

LONDON, United Kingdom — Asos Plc, the U.K.'s largest online-only fashion retailer, said second-quarter sales growth slowed on adverse currency movements by the Australian dollar and Russian ruble.

Revenue advanced 26 percent in the two months through February, the London-based company said in a statement today.

"Retail sales for the two months to February were strong in all territories except Rest of World where we experienced adverse currency movements, notably in Australia and Russia," Chief Executive Officer Nick Robertson said in the statement.

Asos is benefiting from growing demand for online fashion in its home market as well as abroad. Most of the company’s sales comes from its international division, where retail sales increased 29 percent in the quarter. U.K. retail sales gained 21 percent.

In January, Asos reported sales growth slowed to 38 percent in the four months through December compared with 47 percent growth in the previous three months as the weakness of the Australian dollar weighed on one of its key markets.

The number of active customers was 8.2 million as of Feb. 28, up 36 percent from a year earlier, Asos said today.

Asos said it has accelerated spending on warehouses and IT and will invest at least 68 million pounds ($113 million) this year, compared with a previous guidance of 55 million pounds. The retailer said the investment will raise its annual sales capacity to about 2.5 billion pounds.

The shares gained 3.3 percent this year before today, after more than doubling last year.

By Katarina Gustafsson; Editors: Celeste Perri, Robert Valpuesta

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