Oct 17, 2017

Asos profits surge as overseas sales boosted by weak pound

Online fashion retailer Asos has reported record annual sales and profits, boosted by the weak pound and a "Strong international performance". Asos, which targets people in their twenties, also said it had upgraded its outlook for sales growth in the current financial year. It now expects sales to growth by 25-30%. Asos said that UK sales rose by 16% in the past year while international sales shot up by 47% as they were helped by the weaker pound. The retailer exports more than it imports and the drop in sterling since the UK's Brexit referendum in June 2016 has boosted the company's international sales and allowed it to cut prices. "It's been a great year for Asos, with continued growth in sales and profits," said chief executive Nick Beighton.

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