Apr 4, 2017

Online retailer Asos sees exports boosted by weak pound

The company said the fall in sterling since the EU referendum, had boosted exports, enabling it to cut prices. Asos, which targets people in their twenties, now has more than five million active customers in the UK. Profits for the six months to the end of February rose by 14% to £27.3m. Sales hit £889.2m, a rise of 31%. UK retail sales rose by 18% and international sales leapt by 42%. "As a net exporter, sterling weakness has created a FX tailwind for the business which has enabled investment above previously planned levels into both price and proposition," said chief executive, Nick Beighton. It said it expected full-year retail sales to rise by between 30 and 35%. Previously it said it expected sales to go up by 25-30%..

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