British fashion retailer ASOS reports $1 billion revenue, a 10% jump — but UK sales have dropped. Rival Boohoo might have grabbed some of its market share.
a 10% sales boom on Wednesday as it announced that its revenue surpassed £1 billion for the four months ending June 30 — but its UK sales fell.
Next-day delivery on ASOS products was unavailable in the UK or Europe for up to seven weeks during lockdown — this could partly explain its underperformance relative to Boohoo, Emily Salter, a retail analyst at GlobalData, said. The company said it remains cautious in its outlook for consumer demand, particularly for the impact of uncertainty on its "20-something customers."44.6% in the three months to May and UK sales surged. These figures suggest it grabbed some of ASOS' UK market share — but they were reported before allegations of low wages and unsafe working conditions at a suppliers' factoryASOS made up 2.3% of consumer clothing spending in 2019, compared to 1.
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