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FY15 sales drive up 18% at UK online fashion retailer ASOS
23
Oct '15
During the fiscal to August 31, 2015, UK online fashion retailer ASOS's sales drove up 18 per cent over the previous fiscal.

“The Group delivered total revenue growth of 18 per cent year over year to £1.15 billion, comprising retail sales, delivery receipts and third party revenue,” the online retailer said in a press release.

“Retail sales grew to £1,119.9 million in fiscal 2015 as against £955.3 million in fiscal 2014, driven by strong product and delivery proposition enhancements,” it added.

Higher sales growth was also led by the successful launch of its zonal pricing capability and implementation of planned price investments to increase its price competitiveness outside the UK.

Despite these investments, the retail gross profit margin declined by 10 bps driven by a much stronger full price sales mix reflecting improved customer confidence in our product and prices.

This resulted in reduced reliance on promotional activity and the Group gross margin increased by 20 bps following strong growth in delivery receipts of 61 per cent and third party revenues of 23 per cent.

Profit before tax at £47.5 million in the reporting fiscal was more or less the same as in fiscal 2014 when it stood at £46.9 million.

According to ASOS, pre-tax profit remained flat as it invested further in its customer proposition, warehousing and people capabilities offset by net insurance proceeds of £6.3 million.

“We enter the new financial year with a cash position of £119.2 million compared to £74.3 million at the end of the prior fiscal and an inventory balance of £193.8 million versus £161.5 million in fiscal 2014,” it stated.

ASOS also said its active customers increased by 13 per cent to just below 10 million in the fiscal under review.

CEO Nick Beighton said, “We are attracting more customers with a continued expansion of our delivery proposition and mobile offerings.”

“Customer engagement has been exceptionally strong, with increases in average order frequency, basket size and value,” he too added.

“During the year we invested £50 million in our warehouse capability and our technology, and we are investing a further £80 million in the new fiscal,” Beighton informed.

ASOS is a global fashion destination for 20-somethings and sells cutting-edge fashion by offering a wide variety of fashion-related content.

It sells over 80,000 branded and own-brand products through localised mobile and web experiences, delivering from our fulfilment centres in the UK, US, Europe and China to almost every country in the world. (AR)

Fibre2Fashion News Desk – India

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