Sales at online clothing retailer ASOS (ASC:AIM) beat expectations driven by strong overseas performance, says UBS analyst Adam Cochrane.

In a trading update for the four months to 31 December, ASOS reported sales gained 36% at actual exchange rates.

'First quarter sales were up 36% versus consensus at 29%,' wrote Cochrane in a commentary.

GROWTH ACCELERATING

'This is an acceleration from 33% in the fourth quarter against a similar comparator.

'Constant currency sales growth was 30%. First quarter UK sales were up 18% (consensus 24%), US 66% (consensus 57%), EU 49% (consensus 33%) and Rest of World 46% (consensus 34%).

'Gross margin was down 30 basis points (bp) versus consensus -33bp and UBS estimates of -50bp.

'UK sales growth was slightly slower as the market was more promotional in the period but this was more than made up for by the better EU and ROW performance.'

Shares in ASOS trade 0.6% lower at £53.59.

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