ASOS Reveals Sales Up 43%
LONDON -- The shares of ASOS added 140 pence, or 3%, to 4,121 pence during early trade this morning after the online fashion retailer said its third-quarter sales had gained 43%.
The AIM-traded company, which currently sports a market cap in excess of 3 billion pounds, said total group revenues had advanced from 138 million pounds to 197 million pounds during March, April, and May.
ASOS revealed U.K. sales during the quarter had rallied 39%, with international sales up 48%. Turnover from overseas now represents 67% of the group's top line.
Nick Robertson, the chief executive of ASOS, said the firm's customers had continued to respond well to "price investments." He also claimed retail gross margins had improved by 10 basis points as well as confirm the launch of the group's Russian website.
Robertson added that the company's full-year results were expected to be in line with expectations.
Prior to today, City experts had expected current-year earnings at ASOS to increase 22% to 49 pence per share and rally a further 28% to 62 pence per share the year after.
The latter projection places the shares on a 2014 P/E of 66.
Of course, whether that lofty valuation, the firm's bumper sales progress -- as well as the wider prospects of the online fashion industry -- all still combine to make ASOS a "buy" is something only you can decide.
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