Asos sales jump 31% in first quarter

UK sales advanced 8% in the 3 months to June 30.

International, which now accounts for 65% of the etailer’s sales, soared 49% over the period driven by a 83% surge in the US.

EU sales increased 27% and revenue from the rest of world jumped 61%.

Asos chief executive Nick Robertson said: “Our UK performance was particularly encouraging given the current climate. We remain positive in our outlook, and continue to trade in line with expectations.”

Asos advised its retail gross margin was in line with guidance.

Singer Capital Markets analyst Matthew McEachran said: “UK growth has accelerated, which we believe is a direct result of the early reinvestment initiatives. With more to come this bodes well. Growth in the US was ahead of expectations and a new in-country team should be fully in place by the Autumn meaning momentum should continue to build.”