Asos sales beat UK high street on overseas units
ASOS, the recession-defying fashion online retailer, yesterday reported its half year pre-tax profit had jumped nine per cent, as strong overseas sales offset a softening UK market.
The retailer said pre-tax profits in the six months to 30 September lifted to £4.4m from £4.1m the year before and reported a 47 per cent jump in total sales.
The group said UK sales in the seven weeks to 15 November slipped to 23 per cent growth, down from the 33 per cent improvement reported in the first half of the year. However, international sales grew by 112 per cent in the six months to 30 September.
Asos chief executive Nick Robertson told City PM: “The UK is a tougher place to do business at the moment… and if we can’t get the same kind of growth we’ll get it from elsewhere.”
Asos – which began in 2000 – now operates from Germany, France, Denmark and the US and is mulling a move into the Asian market, but refused to say when. However, Robertson said he believes there is still potential to grow the UK business due to its “sweet spot” customer base of young shopping addicted females.