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ASOS closes first quarter positively

ASOS closes first quarter positively

ASOS closes its first-quarter positively despite lockdown. The first months of the year until 30 June 2020 saw the online sales sector grow by 10% for a total of £983.3 million.

This growth was unexpected, considering the restrictive measures to which the companies were subjected and the economic crisis post lockdown, which saw the profits of many companies plummet even outside the fashion system. However, ASOS is coming out quite well, according to the numbers.

In this regard, the e-tailer stated that while the British and American market fell by 1% and 2% respectively, the European market rose by 20% for a total of £238 million, as well as the rest of the world, which grew 19% to a total of £201.2 million. Overall, international retail grew by 15%.

courtesy of ASOS

The number of customers, especially international ones, also rose to 23 million, 16% more year on year.

“Our performance in P3 shows that we are delivering against this aim despite the tough economic and social backdrop.” commented Asos’ CEO Nick Beighton. “We have learnt a lot and adapted quickly. While we remain cautious about the consumer impact of Covid-19 looking forward, we are on track to deliver strong year-on-year profit growth and to return to positive free-cash-flow for the full year.”

Cover image credits: Asos

 

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