logo-loader

ASOS says price cuts are paying off

Published: 03:15 12 Jan 2017 EST

ASOS
The company has provided some bullish forecasts

Online fashion retailer ASOS plc (LON:ASC) said its investment in price was paying off as it reported a 36% rise in sales in the four months ended December.

For price investment, read price cuts, which were enacted to maintain and extend the company’s position as one of the world’s most successful ‘e-tailers’.

The international business did particularly well with a 52% increase in revenues, boosted by the weak pound.

"Following record sales over cyber weekend and the Christmas trading period, I'm pleased to report a strong start to the year,” said ASOS chief executive Nick Beighton.

“A 50% plus increase in international sales is a standout performance.”

In the update, ASOS said it “remained confident” on meeting profit expectations for the current year.

It forecast 2017 top line growth of 25-30%, while over the medium term that should moderate to 20-25%.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

4 hours, 34 minutes ago