Fashion retailer Asos revenues soar 31% in first quarter

12 July 2012 (Last Updated July 12th, 2012 02:00)

British online retailer Asos has reported a 31% growth in total group revenues to £141.09m in the first quarter of current fiscal year, compared to £107.28m in the same quarter of previous fiscal year.

British online retailer Asos has reported a 31% growth in total group revenues to £141.09m in the first quarter of current fiscal year, compared to £107.28m in the same quarter of previous fiscal year.

Revenues in the three months to 30 June 2012 surged due to strong performances in the US and Australia, and an improving UK market.

Total retail sales in the first quarter grew 31% to £137m from £104.2m in the comparable quarter a year ago.

UK retail sales totalled £48.08m in the reporting quarter, an increase of 8% from £44.62m in the corresponding period of the previous fiscal year.

Asos chief executive officer Nick Robertson said the company's UK performance was particularly encouraging given the current climate.

British consumers have tightened their purses amid fears of rising unemployment, lacklustre growth in wages and government austerity measures.

US retail sales, during in the same period, were up by 83% to £13m from £7m and retail sales from the EU soared 27% to £32.35m from £25.5m.

International sales, which now represent 65% of the total sales of the company, grew by 49% driven by a strong performance in the US, and rest of world category, predominately Australia.

"We remain positive in our outlook, and continue to trade in line with expectations," Robertson added.

The UK-based online fashion and beauty retailer offers over 50,000 branded and self-label product lines on its website, across womenswear, menswear, footwear, accessories, jewellery and beauty.

The retailer said that, as on 30 June 2012, it had 8.7 million registered users, up from 5.8 million the previous year, and 4.7 million active customers base from 160 countries.