Newspaper article The Journal (Newcastle, England)

Overseas Sales Soar for Online Store

Newspaper article The Journal (Newcastle, England)

Overseas Sales Soar for Online Store

Article excerpt

ONLINE fashion firm ASOS has said overseas sales have more than doubled as it offset a tougher UK market.

Sales growth in the UK slowed to 21% in the second quarter of its financial year, from 32% in the previous three months, but ASOS continues to set its sights on a global customer base as it puts the finishing touches to French and German sites due to launch by the end of October. It opened a dedicated US website at the end of last month.

International revenues surged by 128% to pounds 26m in the quarter to September 30, meaning sales generated from overseas customers now account for more than a third of total group sales.

Nick Robertson, chief executive of ASOS, said: "The UK is a tougher place to do business, but it's only 3% of global internet traffic."

He also shrugged off cost pressures hammering many fashion rivals, following warnings of higher price tags from the likes of Next and Primark.

The high street is being hit by soaring cotton costs and rising wage inflation in the Far East, but ASOS said rapid growth in sales volumes was helping it negotiate better deals. It also sources only around 20% of stock from China.

Sales in America shot up by 293% in the second quarter ahead of the website launch, despite little marketing or advertising activity. …

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