Online fashion retailer Asos raises sales outlook

Asos said its full-year sales were on track to grow up to 25%. Picture: Asos/PA Wire

Asos today shrugged off Brexit fears for retailers as it upped its full-year sales outlook after cheering 'strong' trading.

The online fashion retailer posted a pick-up in sales growth for the four months to 30 June – up 28 per cent in the UK to £203.1 million, and 25 per cent higher at £297.4m across its burgeoning international arm with currency movements stripped out.

Asos said the robust third-quarter performance meant sales for the full year were now expected at the top end of its forecasts for between 20 per cent and 25 per cent growth.

Annual profits are set to be in line with expectations, it added, as its focus on lowering prices will weigh on profit margins.

Its update bucks mounting woes among its high street rivals, with signs that sales slowed in the run-up to the EU referendum vote and have been hit by poor April and early summer weather.

The latest British Retail Consortium-KPMG survey showed that like-for-like sales fell by 0.5 per cent in June compared with a year ago, triggered by weaker clothing sales.

High street giant Marks & Spencer also last week revealed that its beleaguered clothing arm suffered its worst sales performance for more than a decade as it cut back on promotions amid a “weak market”.