Asos Plc, the U.K.’s largest online-only fashion retailer, said Christmas sales accelerated as reduced prices on its own-brand fashions lured young Britons.
Total retail sales rose 41 percent to 78.1 million pounds ($125 million) in December, the London-based retailer said. That compares to growth of 30 percent in the first quarter. U.K. sales rose 34 percent, beating the first quarter’s 24 percent gain, while international revenues climbed 47 percent.
Chief Executive Officer Nick Robertson has been cutting prices of its own-label products in the U.K. to lure cost-conscious customers in their twenties, and increasing service options like the “Complete the Look” function with suggested outfit matches. The retailer, with 23 million visitors to its website a month, is also pushing internationally with territory managers in the U.S., France and Germany.
“Our U.K. performance was particularly strong, which continues to be driven by better conversion of traffic alongside continued investment in both our proposition and pricing,” Robertson said in the statement. “We remain positive in our outlook for 2012/13.”
Asos shares climbed 1.5 percent in London trading yesterday to 2,654 pence. The stock has fallen 1.4 percent so far this year, after more than doubling in value last year.