Asos first quarter sales rise by 31 per cent

City A.M. Reporter
Online fashion retailer ASOS posted a 31 per cent rise in first-quarter retail sales, buoyed by a strong performance in the United States and Australia and an improving UK.

The retailer, which targets young women wanting to emulate the designer outfits of celebrities, said on Tuesday retail sales rose to 137 million pounds in the three months to June 30.

UK sales rose 8 percent. "Our UK performance was particularly encouraging given the current climate," chief executive Nick Robertson said in a statement.

UK consumer spending has been hurt by fears of rising unemployment, lacklustre growth in wages and government austerity measures. However, the overall retail picture was brighter in June, as the Queen's Jubilee holiday helped boost British retail sales.

ASOS said business outside its home market grew strongly, with international sales now 65 per cent of the group's total, compared with 57 per cent last year.

US sales surged 83 per cent, sales in the European Union rose 27 per cent and sales in the rest of the world, predominantly Australia, were up 61 per cent in the first quarter.

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