Revenues at ASOS top £1bn
Written by Hannah McGrath
Revenues at Asos reached £1 billion during the Black Friday and Christmas Trading period thanks to the return of “customer momentum”.
A trading update posted by the e-commerce fashion brand disclosed a 20 per cent rise in retail sales in the four months to 31 December to £1.1 billion, with a good performance across all regions. UK retail sales came in at £408.9 million for the period.
The company said this reflected a record Black Friday and strong customer engagement activity throughout the period.
International retail sales were up 22 per cent and the company delivered a total of 27.7 million orders in the period; registering 21.7 million active customers.
The strong start to 2020 follows a rocky time for the company’s finances in 2019. In October, ASOS saw profits slump 68 per cent after a series of profit warnings sent its share value plummeting by more than 60 per cent.
The latest trading update said the return of momentum in the final quarter of 2019 showed that the company’s plan had “clearly resonated with consumers”, driving up sales growth, customer acquisitions and customer numbers.
Nick Beighton, chief executive of ASOS, said: “Strong customer acquisition activity supported by robust operational performance has driven good momentum in all our markets.
“As we said in October, the focus for this year is to further enhance our capabilities and leverage the investments we have made – it is still early in the year and much remains to be done, but we are encouraged by the progress we have made so far.”