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Asos Second-Quarter Sales Beat Estimates

Asos Plc, the U.K.’s largest online-only fashion retailer, reported second-quarter sales that beat analysts’ estimates as revenue growth in its home market accelerated.
Source: Asos
By
  • Bloomberg

LONDON, United Kingdom — Asos Plc, the U.K.'s largest online-only fashion retailer, reported second-quarter sales that beat analysts' estimates as revenue growth in its home market accelerated.

Retail sales rose 19 percent in the three months to Feb. 28, the London-based company said in a statement Thursday. That compared with the 15.5 percent median of 19 estimates compiled by Bloomberg, and climbed from the previous quarter’s 8 percent advance. The company predicted full-year pretax profit in line with market expectations.

Asos, which sells Converse sneakers and Cheap Monday jeans to twenty-somethings, has introduced zonal pricing to improve performance abroad after currency movements hurt its business. U.K. retail revenue gained 30 percent in the quarter, while international retail sales rose 12 percent.

In addition to strong U.K. growth, there was "encouraging momentum" in international markets during the quarter following "the successful roll out of our zonal pricing capability and our planned price investments," Chief Executive Officer Nick Robertson said in the statement.

The retailer said Jan. 13 that retail sales advanced 15 percent in the six weeks to Jan. 9, with U.K. sales up 27 percent and international sales gaining 5 percent.

By: Katarina Gustafsson; editors: Matthew Boyle and Robert Valpuesta.

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