ASOS, the British based online fashion outlet, has revealed that their sales growth has almost come to a complete halt in recent months. In June of this year, ASOS saw their share price rise to a yearlong high of 2508 pence and it looked likely that the largest online fashion store in Britain had successfully overcome the economic downtown and stayed ahead of its competitors. However the CEO of the company, Nick Robertson, admitted that they had miscalculated the impact the recent slowdown in the British economy would mean for online retailers and their sales figures have been disrupted.
ASOS, who predominately aim their ranges at 16 to 34 year old women, saw their sales growth slump to just 1% in the second quarter of 2011; in comparison, in the three months before June of this year they saw a growth of 15% in sales. Robertson was quick to point out that it is not a complete disaster for the company that has grown and grown in recent years however he did admit that this financial year is likely to see either zero growth overall or, at the very most, a single digit rise. There is some good news on the horizon however as these figures are only attributed to their British market; ASOS currently has 7 different currently specific websites and overseas growth for the company has risen by a remarkable 141% already this year. That being said, for a British based company their domestic figures certainly leave a lot to be desired.
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