ASOS reported financial results for the three months period ending 31 August 2013:
Q4 Highlights:
-Retail sales +47% year on year (UK +49%, International +47%) -International retail sales 64% of total (65% last year) -Retail gross margin up c.460bps on prior year -7.1 million active customers at 31 August 2013 (+42% year on year)
FY Highlights:
-Retail sales +40% year on year (UK +34%, International +44%) International retail sales mix 63% of total (62% last year) Retail gross margin up c.100bps on prior year Strong balance sheet and cash position
Nick Robertson, CEO, commented:
"I am pleased to report a strong finish to the financial year with retail sales growth for the fourth quarter up 47% to £208 million, and up 40% to £754 million for the full year to 31 August 2013.
Retail sales growth during Q4 was strong in both the UK at +49% and internationally at +47%. International growth continues to be driven by the countries in which we have dedicated websites and in-country teams, and was particularly strong in Europe, driven by France, Germany, Italy and Spain.
We also saw strong growth in the US and in Russia, following the launch of our Russian website. International equated to 64% of our total retail sales over the period compared with 65% last year, reflecting the strength of our core UK business during the quarter.
We have now annualized last year's price investments and retail gross margin for the quarter grew by c.460bps year on year. This strong gross margin position has allowed us to continue to invest in the overall customer offer, attracting more active customers which now stand at 7.1 million. We expect profit before tax for the year ended 31 August 2013 to be marginally above expectations."
