ASOS warns full year sales will be at lower end of range
StockMarketWire.com - ASOS said Thursday it expected full-year sales to come in at the lower end of expectations after reporting that revenues rose 22% in the four-month period, pushing revenues for the 10 months through June up 25%.
For the 10-months to 30 June, sales in the UK rose 22% to £702.5m, US sales rose 18% to £257.1m, while in the EU they rose 36% to £606.5m. Across the rest of the world, sales jumped 19% to £367.9m.
Total retail sales rose 25% to £1.9bn, and total group revenue was £1.98bn, up 25%.
The uptick in revenue came as retail gross margin rose 130 basis points, which was ahead of management's expectations. 'We delivered good sales growth, particularly in the UK, better than planned gross margin alongside significant progress on our infrastructure investments,' said Nick Beighton, CEO.
The retailer warned, however, it expects reported sales growth to be at the lower end of the 25% to 30% range. While full year pre-tax profit is anticipated to be in line with market consensus. Story provided by StockMarketWire.com