ASOS sales beat City expectations

ASOS defied the doubters with a 21% rise in sales in the first-half of the online fashion retailer’s financial year.

The AIM darling racked up sales of £667.3 million, an increase of more than 20% and up 25% once exchange rate movements are stripped out. The result was above analyst expectations of £663 million.

Pre-tax profits surged 18% to £21.2 million, which was also better than the market was anticipating.

Sales were impressive in the UK, the EU and the US – the groups’ key markets.

Chief executive Nick Beighton, who took over from founder Nick Robertson in September, said: “We've had a good start to the year and I'm pleased with progress on a number of fronts. These results demonstrate improving momentum in the business.”

Beighton confirmed the group was on track to meet sales and profit guidance.