Beauty and fashion retailer ASOS is celebrating a strong Christmas trading period, surpassing its revenue growth expectations.
Group sales were up almost a quarter (23%) for the four months ended 31 December 2020 (P1) with ‘exceptional’ growth experienced in the UK, as well as increased momentum in EU and US markets.
According to ASOS, its active consumer base grew from more than 1.1 million to 24.5 million during P1, offsetting the downturn in purchases made by existing customers.
ASOS said its revenue growth was driven by “investment in product, pricing and marketing” in conjunction with strong consumer demand.
“We are really pleased with the strong performance we have delivered, which is testament to both the strength of our multi-brand model and the hard work of our people,” said ASOS’ CEO Nick Beighton.
“We have continued to execute well and deliver for our customers, whilst investing into growing our business and driving further efficiency through a strong operational grip.”
Despite an expected tariff cost due to Brexit of £15m in fiscal year 2021, ASOS forecasts its performance to be at the top end of market expectations.
“Looking forward, given the uncertainty associated with the virus and the impact on customers’ lives, our cautious outlook for the second half of the year remains unchanged.
“However, the strength of our performance gives us confidence in our continued progress towards capturing the global opportunity ahead.”
In October, ASOS reported a 329% soar in profits, with cosmetics and activewear in high demand, while sales were up 19% for the year to end of August.
The e-commerce player has also committed to tripling its cosmetics business over the next three years.