Despite the growing uncertainty regarding COVID-19, British e-commerce firm Asos has had something to cheer about as far as its revenue is concerned.
The fashion e-tailer saw its Group revenue rise by 27 per cent for the 4 months that ended 30 June 2021.
The Group revenue, notably, included retail sales, delivery receipts, wholesale revenue as well as third-party revenue.
Asos also saw its year-on-year total retail sales jump by an impressive 26 per cent to clock £1.24 billion.
What’s more impressive is its UK performance! Despite bad weather and growing uncertainty regarding pandemic, Asos’ UK retail sales shot up by a massive 60 per cent to £526.4 million during the 4 months.
Notably, the e-tailer’s gross margin slumped by 150 basis points – all owing to increased freight costs and foreign exchange movements.
Going forward, the e-tailer expects the pandemic uncertainty to impact consumer demand negatively. Consequently, it believes its underlying Q4 growth rate to be broadly in line with the previous year.
Earlier this week, Asos partnered Nordstrom wherein the latter acquired minority stake in Topshop, Topman, Miss Selfridge and HIIT brands.