1. ASOS upbeat on sales growth prospects after strong third quarter

ASOS upbeat on sales growth prospects after strong third quarter

British online fashion retailer ASOS said full-year sales growth would be at the top end of guidance as its strategy of cutting prices internationally continued to boost trade.

By: | Published: July 7, 2015 12:50 PM

British online fashion retailer ASOS said full-year sales growth would be at the top end of guidance as its strategy of cutting prices internationally continued to boost trade.

The company, bouncing back from a terrible 2014 of profit warnings, said on Tuesday retail sales for the four months to June 30, its fiscal third quarter, had risen 20 percent, in line with analyst expectations.

UK sales rose 27 percent and overseas sales were up by 16 percent.

ASOS said it now expected annual sales growth to be toward the top of its 15-20 percent range. Its full-year gross margin would remain flat on a year ago, with price cuts offset by tight inventory control and strong full price sales, it said.

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