ASOS shares slide despite UK sales boost in Black Friday frenzy

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails

Sign up to our free breaking news emails

Please enter a valid email address

Please enter a valid email address

SIGN UP

I would like to be emailed about offers, events and updates from The Independent. Read our privacy notice

Shares in online retailer ASOS fell in early London trading despite a “stonking” Black Friday at home that helped offset tough trading overseas with UK sales up nearly 25 per cent.

Despite strong trading in the UK, international sales tumbled 2 per cent in the period and investors remained unhappy, with the online fashion retailer’s share price slipping 6 per cent to 2236p — down more than 60 per cent since the start of the year.

Chief executive Nick Robertson said: “There is a consistent story. The UK is stonking but international is more challenging. But we are doing all the right things.”

The online fashion outfit said its investment in reducing prices abroad to accommodate currency changes was in place and investment in technology and logistics will pay off.

It received a £6.3 million pay-out from the arson attack on its warehouse in Barnsley in June which it will re-invest in the business.

A bumper Black Friday and Cyber Monday period boosted its sales in the UK with sequin-encrusted party dresses, ripped black jeans and faux fur big sellers.

Robertson added: “I have been doing this for 14 years and every year, Christmas gets bigger. But this year … Black Friday and Cyber Monday were huge. We had our biggest-ever trading week over the ‘cyber’ weekend in November. At peak we were taking seven orders a second.”

The sales frenzy also helped department store group John Lewis to report another strong week with online sales up 32 per cent after Cyber Monday.

Chilly weather led to a spike in demand for women’s cashmere accessories — up 51 per cent — and men’s knitwear (up 38%) week on week.

Sales grew to £160 million — up 10.8 per cent on last year but down 10.6 per cent on the previous week when Black Friday helped sales to soar.