Asos cuts a dash as sales recovery stays on track

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Online fashion firm Asos posted a 27 per cent leap in UK sales as it shrugged off May’s unseasonally cold weather that has hit many high street rivals.

The group said a strong sales performance in the four months to 30 June was set to see full-year revenues at the top end of its expectations for a rise of 15 per cent to 20 per cent.

The update shows that Asos is keeping its recovery on track after a tough 2014

The update shows that Asos is keeping its recovery on track after a tough 2014

Asos, which stands for As Seen On Screen, said as well as the UK sales hike, international turnover rose 16 per cent in the four months – or 23 per cent with currency effects stripped out – leaving overall retail sales 20 per cent higher at £386 million.

The update shows that the group is keeping its recovery on track after a tough 2014 that saw it issue a string of profit warnings amid tough overseas trading and a costly warehouse fire.

The sales performance also sees it shake off the difficult early summer weather that left UK clothing retailers nursing sales falls.

Analysts praised the company’s recent performance. Retail consultant Sophie McCarthy at Conlumino said: “Today’s update reveals signs of a very promising full-year update expected in August and shows that Asos has the flexibility and infrastructure to continue to grow in the face of setbacks; an important quality in the volatile fashion industry.”