Asos sales up as co-founder makes £15m
THE co-founder of ASOS has made £15m by selling a fifth of his shares as the online retailer posted a 54 per cent jump in first-quarter sales yesterday, fuelled by demand from abroad.
Nick Robertson, 40, who founded Asos with business partner Quentin Griffiths, sold 1,683,424 shares yesterday at 890p each.
It his first major sell-off of shares and the company said he was not planning to take a step back from the business.
The firm – which provides the latest fashions at cheap prices – made £61.7m of sales in the three months to 30 June.
UK sales rose 32 per cent, while international sales were up 111 per cent to now account for 37 per cent of total sales.
ASOS said its strong performance was despite an extra week of sale activity in the comparable period last year, and that its gross profit margin also rose.
Strong sales of maxi-dresses and festival wear also helped to boost the figures, in a series of sales rises for the company, which targets style-conscious 16 to 34 year olds.
Robertson said: “It is too early in the financial year to assume that these levels of sales will continue for the remaining three quarters; however we remain confident that this year will be another year of excellent progress.”
He added: “While many retailers have been hit hard by the economic downturn, ASOS has benefited from a young core customer base with fewer financial commitments and from the migration of spending from the high street to the internet.”
Arden analyst Nick Bubb said: “If growth continues at this rate, we will be upgrading.”