UK online fashion retailer ASOS has assuaged fears of a slowdown, posting a 46% third quarter year-on-year jump in sales, boosted by sales overseas.
The increase was mainly driven by international sales, up 93% in the final three months of 2011, while the 10 per cent rise in UK sales was still ahead of market expectations of 5%.
The FTSE AIM company’s revenues rose 45% year-on-year to £150.5 million, while its retail gross margins increased 3%.
Nick Robertson, CEO at ASOS, commented: ‘With the business continuing to perform well through these challenging economic times, we remain confident about the outlook and expect our full-year results to be in line with market expectations.’
Online retail sales continued to grow in the UK, up 14 per cent to £50 billion in 2011, according to a report from shopping comparison website Kelkoo.
Internet retail trade now accounts for 12 per cent of total retail spending, the highest in Europe, and Kelkoo predicts that internet sales will increase another 14 per cent in 2011, compared to an expected 3.65 per cent rise in total retail sales.
