Sterling slump boosts fashion retailer Asos

'‹Online fashion retailer '‹A'‹sos'‹ has bolstered its outlook after sterling's slump since the Brexit vote helped trigger a significant surge in international sales.
Asos said its global business was lifted after it reinvested the currency boost from the Brexit-hit poundAsos said its global business was lifted after it reinvested the currency boost from the Brexit-hit pound
Asos said its global business was lifted after it reinvested the currency boost from the Brexit-hit pound

The ​group, whose high-profile fans include singer Rita Ora and US First Lady Michelle Obama, said it ​i​s pencilling in full-year sales to be 25 to 30​ per cent​ higher after international figures leapt 52​ per cent​ in the four months to the end of December.

The firm said its global business was lifted after it reinvested the currency boost from the Brexit-hit pound and benefits from US import duty.

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A​sos​, which stands for As Seen on Screen, also drove home a strong performance in the UK, with sales climbing 18​ per cent​.

Chief executive Nick Beighton said the retailer had built on a strong performance over the festive period.

"Following record sales over cyber weekend and the Christmas trading period, I'm pleased to report a strong start to the year.

"A 50​ per cent​-plus increase in international sales is a stand-out performance. UK sales growth at 18​ per cent​ was a strong performance in a more promotional market.

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"With sales for the year now expected to be up by around 25​ per cent​ to 30​ per cent​, we're accelerating our infrastructure investment to handle that growth.

"A​sos​ remains well set to meet its longer-term ambitions as a result of the hard work and commitment of the team."

The firm​​​, which has its main warehouse in Barnsley, said capital expenditure for the financial year would come in between £150​m and £170​m.

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