Asos posts 41% December retail sales growth

Online fashion retailer Asos posted strong Christmas sales, with retail sales rising 41% during December.

The retailer today said retail sales reached $124 million up from $88 million in the same period of the prior year.

CEO Nick Robertson said the group’s UK performance was “particularly strong”, with 34% sales growth to reach $56.6 million. He said the growth “continues to be driven by better conversion of traffic alongside continued investment in both our proposition and pricing.”

International sales grew 47% over the period to reach $67.4 million, accounting for some 54% of total sales. However, retail gross margin fell 29bps on the prior year.

“We remain positive in our outlook for 2012/13 as we continue our journey to becoming the number one online fashion destination for twenty-somethings, globally,” said Robertson.

Commenting on the results, Conlumino analyst George Scott said that Asos has “demonstrated impressive growth at home, as well as abroad,” adding that despite claims the UK business is reaching a more mature state, its UK performance is a “highlight, continuing momentum from its Spring/Summer trading”.

Scott said: “Most notably, expansion of its own label offer has given Asos competitiveness at the entry-level, especially among men, which is a key growth segment; indeed its offer of Christmas jumpers hit the right note with fashion conscious, value-savvy consumers looking to jump on the bandwagon of this seasonal fad. Elsewhere, Asos continues to expand its offer of edited fashion lines by both well known and more independent labels, affording it a balance of mass appeal and ‘underground’ brand equity. The e-tailer ultimately ensured its offer was well positioned during the seasonal period, making effective use of staggered, targeted discounting in the run up to Christmas.”

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