British online retailer, Asos has reported a rise in its quarterly sales. Its total sales increased by 13% year-on-year on a reported basis in the three months leading up to February 28, 2019. Asos’ sales growth in the UK continues to outperform its other foreign markets, including Europe and the US.
Commenting on the results, CEO Nick Beighton, says, “Group sales over the period increased by 13% and retail gross margin improved by 40bps. We continued to outperform in the UK with sales growth of 14%. Sales in Europe were up 12%, although France and Germany, our two largest markets, continue to be challenging.”
“Our US performance was behind our plans during the period. As our Atlanta warehouse went fully online, demand far exceeded our expectations. Whilst very encouraging for the longer term, this caused a significant short-term despatch back log which we have now cleared. These delayed shipments will be recognised in P3 and US trading is now regaining momentum. Our ROW segment returned to good growth of 20% after a disappointing Q1,” he adds.
“Our retail gross margin guidance for the year remains. We will be increasing investment in price and marketing in the second half, particularly in France and Germany. Given the actions we are taking together with an improving US performance, we believe the Group will deliver stronger growth in the second half. Consequently, we remain confident that we will meet guidance for the full year,” Beighton concludes.
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