Asos set for Brexit sales boom

The British online retailer hopes to benefit from falling sterling values

Asos set for Brexit sales boom

Tim Goode / PA Wire

Online fashion retailer Asos has announced a 30% increase in sales in the four months to June.

These results pushed the company's shares up 4.5% to the two-year high.

In a conference call, chief executive Nick Beighton said that the company is set to benefit from the weakening of the pound sterling - it makes British online retailers more competitive in international markets.

He now expects full year sales growth of 20-25%.

The company's number of active users increased by 24% to 12 million as sales grew to £500.5m during the four months, up from £386m last year.

UK sales were up by 28% - while international sales increased by 31%. Sales in the US were 53% higher, generating £68.3m. 

Earlier in this year the company announced that it would close down its Chinese division at a cost of £10m - as it struggled to keep pace with low-cost competitors including Alibaba.

"Given the increased momentum within the business and our strong financial position, we will maintain our successful programme of reinvestment," Mr Beighton said.

"Our sales prices which are denominated off sterling now look cheaper to the U.S. customer and look cheaper to the European customer," he continued.

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