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Asos posts sales growth as customers order more frequently but spend slightly less each time

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Asos posts sales growth as customers order more frequently but spend slightly less each time

Asos today posted a 13% rise in group revenues and in retail sales in the latest quarter of its financial year. It said that it was winning more customers who were ordering more frequently, but were spending slightly less each time.

 

Asos said it had more active customers (+16%) making more orders (+4%) but that average selling prices (-1%), basket sizes (-1%), basket value (-2%) were down at the same time. That fits with its use of a Premier Delivery subscription in many markets that enables shoppers to pay a one-off annual fee of £9.95 and then receive free next-day deliveries and returns.

Sales in the French and German markets, it said, continued to be challenging, while higher-than expected sales in its US market caused a backlog in sending out orders and hit sales growth as a result.

 

Asos chief executive Nick Beighton said: “Our US performance was behind our plans during the period. As our Atlanta warehouse went fully online, demand far exceeded our expectations. Whilst very encouraging for the longer term, this caused a significant short-term despatch back log which we have now cleared. These delayed shipments will be recognised in P3 (third quarter) and US trading is now regaining momentum.

 

Group revenue came in at £658.5m in the three months to February 28, up by 13%, on a reported basis, on the same time last year. Retail sales were up by 13% at £641.3m.

 

The retailer reported rising sales in the UK (+14%) and the EU (+12%) in the latest quarter of its financial year. Sales were also up in the US (+4% ) although they were down by 3% in that market when currency fluctuations were discounted. Sales grew faster in the rest of the world (+20%).

 

The retailer said that it expected to see full-year sales grow by 15%, while earnings before profits would be unchanged at around 2%.

 

Image courtesy of Asos

 

 

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