Online Fashion Retailer Thrives During Lockdown
- Asos reports a 10% increase in group sales during lockdown
- International retail sales up by 17% to £654.1m
- EU retail sales increased by 22% to £326m
- UK retail sales decreased by 1% to £329.2m
- US retail sales up by 3% to £124.9m
- Good new customer acquisition and strong growth in ‘lockdown’ product categories
- Improved underlying demand and beneficial returns behaviours
- Asos to repay furlough support for the government
- Nick Beighton praises team’s resilience, flexibility, and creativity
Online fashion retailer Asos has reported a 10% increase in group sales to £1.01bn during the Covid-19 pandemic and is on track for strong profit growth across its financial year. The company’s international retail sales increased by 17% to £654.1m, EU retail sales rose by 22% to £326m, while UK retail sales decreased by 1%. US retail sales grew by 3% to £124.9m. Asos attributes its performance to good new customer acquisition, strong growth in ‘lockdown’ product categories (casualwear, activewear, face and body), improved underlying demand, and beneficial returns behaviours. The company will repay previously claimed furlough support for the government. CEO Nick Beighton praises the team’s resilience, flexibility, and creativity.
Factuality Level: 8
Factuality Justification: The article provides accurate information about Asos’ sales increase during the Covid-19 pandemic, including specific numbers and details on international and regional sales growth. It also includes a statement from the CEO, Nick Beighton, discussing the company’s performance and future outlook.
Noise Level: 3
Noise Justification: The article provides relevant information about Asos’s sales performance during the pandemic and highlights its growth in certain categories. It also mentions the CEO’s comments on the company’s resilience and future expectations. However, it lacks a deep analysis of long-term trends or possibilities and does not explore consequences for those bearing risks.
Financial Relevance: Yes
Financial Markets Impacted: Asos’s financial performance impacts its stock price and investor sentiment
Financial Rating Justification: The article discusses Asos’s financial results, including a 10% increase in group sales and profit growth, which directly pertains to the company’s financial situation. This information can impact the stock market value of the company and affect investors’ decisions.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text.
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