Shares in Asos surged over 5% early on Tuesday (12 July) after the online fashion retailer posted better-than-expected sales growth. It also forecast its full-year profit will be at the higher end of guidance.
In the four months to 30 June, the London-listed group saw total sales increase 30% year-on-year to £500.5 million (€592.2m, $654.1m), surpassing analysts' expectations for a 22.9% growth and beating the 21% increase registered in the first six months of its financial year.
The company, which was launched in 2000 and targets predominantly consumers in their 20s and 30s, performed well both in Britain and abroad, with UK sales growing 28% from the corresponding period in the previous year and international sales surging 31%.
"We now anticipate full-year sales growth at the upper end of the 20-25% guided range," said group chief executive Nick Beighton.
"We remain confident in delivering current market pretax profit expectations for the year."
Furthermore, given that the company generates 59% of its sales outside the UK, the impact of decline in consumer confidence and retail spending that has affected Britain in the wake of the Brexit vote is likely to be minimal.
The retailer is also expected to benefit from a weakening pound, as the sterling's decline against the dollar and the euro allows the company to cut prices and push sales in its international markets.
Beighton added the group was in fact planning to carry out its investment strategy as originally planned.
"Given the increased momentum within the business, combined with our strong financial position, we will maintain our successful programme of reinvestment to take advantage of the opportunities currently available to us," he said.
Asos shares, which were first listed in 2001 at 20p each, have soared 42% over the last six months and were trading at 4,518p shortly after the opening bell on Tuesday.