Brexit offers "more compelling" prices for Asos customers

Asos’s army of 20-something customers can look forward to lower prices thanks in part to Brexit, the company has said.

The pound’s plunge against currencies like the dollar and the euro in the days since the referendum will make prices look “more compelling” for customers outside the UK, chief executive Nick Beighton explained.

That will give Asos a “greater sales trajectory” and allow it to offset rising costs of materials like cotton (priced in dollars) and reinvest in lower prices, he added.

Beighton’s comments came as Asos said retail sales rose 26% to £500.5 million in the four months to June 30, bucking the high street trend for slowing clothing sales.

It also defied Brexit uncertainty to record its biggest sales week since Black Friday a fortnight ago, selling 3.3 million units.

Asos said it now anticipates full-year sales growth to be at the upper end of its 20%-25% range.