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ASOS reported strong sales growth of 26% to £2.35 billion in its full-year 2018 (FY18) results, up from £1.88 billion this time last year, with profits growing by 28% to £102m – representing the third consecutive year of sales growth in excess of 20%.
From a geographical perspective, the fashion retailer performed well in the UK with FY18 sales growth of 23%, contributing £861.3m in revenues. In the EU sales grew by 28%.
‘This has been another year of substantial progress for ASOS. We delivered 26% sales growth and 28% profit growth whilst investing heavily in the long-term potential of the business,’ CEO Nick Beighton said. ‘ASOS is moving fast and is as differentiated as ever.’
‘The potential for our business is huge and we remain focussed on building ASOS into the world's number one destination for fashion loving twentysomethings,’ he added.
In the wake of the Brexit vote, the company was supported by a weaker pound with the fashion retailer benefitting from strengthening its sourcing in the UK while simultaneously increasing sales in Europe and the US.
Sterling has since recovered, making slight gains against both the dollar and the euro, hovering at the $1.31 and 1.14 respectively.
Where ASOS has prospered many of its retail rivals have struggled, with Berlin-based Zalando blaming the unpredictable weather over the summer for its weaker performance.