Asos P1 sales jump 36 percent

Retail sales at Asos grew 36 percent on a reported basis and 30 percent on a constant currency basis as the company said investments in pricing and proposition continued to gain traction. The company saw strong performance in the UK with retail sales growth of 18 percent in a more promotional market.

"Following record sales over Cyber weekend and the Christmas trading period, I'm pleased to report a strong start to the year. A 50 percent plus increase in international sales is a standout performance. UK sales growth at 18 percent was a strong performance in a more promotional market. With sales for the year now expected to be up by 25 to 30 percent, we're accelerating our infrastructure investment to handle that growth,” said Nick Beighton, CEO of the company in a press release.

FY17 sales expected to be up 25 to 30 percent

International retail sales accelerated 52 percent, which the company said were aided by the reinvestment of the FX tailwind resulting from sterling weakness and US import duty benefits. Retail gross margin was down 30bps on prior year.

The company said, medium term reported sales growth guidance remains unchanged at 20-25 percent, however, following reinvestment of FX and US duty benefits largely into price, guidance for FY17 reported sales growth is increased to 25-30 percent. Asos is also confident of delivering current market consensus PBT expectations for the year.

Picture:Asos