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ASOS reports 26% sales increase

Online fashion retailer ASOS has posted a 26% increase in its sales to £2.4bn compared with £1.9bn the previous year.

UK retail sales accounted for £861m while its international retail sales amounted to £1.5bn for the full year to 31 August 2018. The group’s revenues also grew by 26% to £2.4bn.

ASOS’ profit before tax was up 28% at £102m and the retailer also said it had seen a significant increase in active customers, finishing the financial year with 18.4 million, up 19% compared with last year.

Nick Beighton, CEO, said: “This has been another year of substantial progress for ASOS. We delivered 26% sales growth and 28% profit growth whilst investing heavily in the long term potential of the business. Our reported profit increase was achieved despite bearing material transition costs due to our investment programme.

“All our financial and customer key metrics have shown positive growth. Our guidance remains unchanged both for the current year and the medium term, despite our record levels of investment. ASOS is moving fast and is as differentiated as ever. The potential for our business is huge and we remain focussed on building ASOS into the world’s number one destination for fashion loving twentysomethings.”

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