Asos Says Outlook Is Positive as Third-Quarter Sales Surge 45%
Asos Plc (ASC), an online-only U.K. fashion retailer, said the outlook for the financial year through August is positive after third-quarter sales accelerated on faster growth in the U.K., where it has cut prices.
Total retail sales rose 45 percent to 193.6 million pounds ($303 million) in the three months ended May 31, the London-based retailer said in a statement today. That’s ahead of the prior quarter’s 37 percent growth and compares with the median estimate of 43 percent from 10 analysts compiled by Bloomberg News. U.K. retail sales rose 39 percent to 64.3 million pounds.
The retailer of own-label and branded fashions to 241 markets globally expects full-year results to be in line with market expectations. Earlier this month it landed Associated British Foods Plc’s budget fashion chain Primark, which said it would sell a “small selection” of its most fashion-led pieces on Asos, cementing the website’s place as a fashion destination for a target audience of men and women in their twenties.
“We remain positive in our outlook for the year to Aug. 31, 2013 and expect our full-year results to be in line with expectations,” Chief Executive Officer Nick Robertson said in the statement.
The shares fell 3.2 percent to 3,981 pence in London trading yesterday. The stock has gained 48 percent this year.
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