Weakening pound boosts ASOS

Online retailer ASOS saw international sales rise by 54% during the six months ending 28 February as it capitalised on the recent weakening of the pound.

The company, which employs thousands of people at its South Yorkshire warehouse, saw overseas revenues surpass the half a billion mark during the last six months, a 54% rise on the same period last year.

And according to the company’s latest results, it isn’t just fashion-conscious overseas customers which are lapping it up either as the company recorded an 18% increase in sales in the UK during the period also. In total, retail sales grew by 38% to £889.2m (H1 2016: £644.6m).

Nick Beighton, ASOS CEO, said: "These are a strong set of results, showing great progress across the business. International growth of 54% has been excellent and with the Rest of the World segment a stand out performer.

“Customer acquisition, up 29%, takes our active customers to over 14 million and we passed the 5 million active customer mark in the UK.”

He added: “Given the current momentum we are seeing, ASOS is making good progress towards its ultimate goal of becoming the world's number one destination for fashion-loving 20-somethings."

ASOS revealed that its websites attracted 127 million visits during February 2017 (February 2016: 106 million) and as of 28 February 2017 it had 14.1 million active customers (29 February 2016: 10.9 million).

The growth has also been driven by its increased investment into its mobile apps. Over the last six months, daily app downloads have increased by 28% with customers visiting the apps eight times a month on average, spending more than 80 minutes during this time.

Mobile visits are now c.70% (H1 2016: c.60%) of total traffic and 58% (H1 2016: 51%) of orders are placed from a mobile device.