Falling pound sends Asos sales sky high

THE fall in the pound helped to send sales at fast-fashion firm Asos soaring overseas.

The online fashion firm saw its profits jump 145pc to £80m in the year to the end of August after foreign buyers capitalised on the weak pound.

UK sales soared 16pc to £698.2m while international sales jumped 47pc to £1.2bn. Sales across the group increased 34pc to £1.9bn.

Nick Beighton, chief executive, said the fashion firm had taken advantage of the weak pound post-Brexit by doubling its hedging over the next two years.

That move has allowed Asos to reduce its prices for its growing international market.

Asos, which was founded in 2000 as As Seen On Screen, is now a hair’s breadth away from surpassing veteran retailer Marks and Spencer by market value.

The firm is a hit with teens and people in their 20s, thanks to its speedy, next-day delivery and ability to quickly replenish stock to reflect the latest trends.

It has launched its assault on rival fashion chains like New Look and Topshop, which have struggled to shift stock as young shoppers turn to shopping online, and has capitalised on its lead by adding a number of improvements to its website.