Asos continues growth, thanks Brexit

Asos continues growth, thanks Brexit

British Asos has seen its turnover grow 30 % in the four months leading up to 30 June. It also seems to take advantage of the Brexit: a weaker pound has helped ignite international sales.

Exchange rate impact lowers

Turnover grew 30 % to 500.5 million pounds (600 million euro), with foreign sales up 31 % and domestic sales up 28 %. Sales in the United States even grew 45 %. The company's results only encompass only one week of the post-Brexit referendum period, but analysts say they can clearly see Asos has taken advantage of the outcome. The weaker pound has lowered the exchange rate's impact on the company's turnover, with 59 % of that from areas outside of the United Kingdom.

 

“We now forecast a 20 to 25 % turnover growth for the full fiscal year", CEO Nick Beighton said. Only back in April, Asos decided to shut down its Chinese web shop after disappointing results. It was launched in 2013, but never managed to turn a profit.