Retail Week looks ahead to the next seven days, with a preliminary update from Asos on the agenda.
The etailer reports its preliminary results on Tuesday, October 17. Asos’ half year saw pre-tax profits rise 14%, retail sales increased 38% and UK sales climbed 18%.
Growth was mainly generated by international sales, which shot up 54%. The stellar figures led Asos to increase its sales growth guidance for the current financial year to between 30-35%, although profit expectations remained unchanged.
Since its half-year, Asos has launched its first beauty range with a millennial-friendly gender neutral campaign and is working on its new US fulfilment centre, which represents a £31m investment.
Once it opens next autumn, it will allow Asos to improve its fulfilment offer in the US and supercharge its rapid sales growth in the country.
Since it was founded 17 years ago, Asos finds itself battling an increasingly crowded market with competitor Boohoo on the acquisition trail and Missguided’s founder Nitin Passi establishing menswear site Mennace.
Despite the tough environment, the Nick Beighton-led etailer still achieves stellar growth – its third quarter saw sales rise 32% as it invested further in tech.