04/17/2024 | Press release | Distributed by Public on 04/17/2024 00:08
17 April 2024
Strong progress on speed and profit initiatives under Back to Fashion strategy
CLICK HERE FOR THE FULL RESULTS ANNOUNCEMENT
Summary financial results
£m |
26 weeks to 3 Mar 2024 (HY24) |
Six months to 28 Feb 2023 (HY23) |
Change |
Adjusted LfL CCY change |
Headline measures1 |
||||
Adjusted group revenue2,3 |
1,497.5 |
1,838.5 |
(18%) | |
Adjusted gross margin |
40.3% |
42.9% |
(260bps) |
|
Cost to serve4 |
41.5% |
42.7% |
(120bps) |
|
Adjusted EBITDA |
(16.3) |
4.6 |
(20.9) |
|
Adjusted EBIT |
(98.1) |
(69.4) |
(28.7) |
|
Adjusted loss before tax |
(120.0) |
(87.4) |
(32.6) |
|
Net debt |
(348.8) |
(431.7) |
+82.9 |
|
Free cash outflow |
(21.1) |
(258.8) |
+237.7 |
|
Statutory measures |
||||
Group revenue |
1,505.8 |
1,840.6 |
(18%) |
|
Gross margin |
40.0% |
36.1% |
+390bps |
|
Operating loss |
(246.8) |
(272.5) |
+25.7 |
|
Loss before tax |
(270.0) |
(290.9) |
+20.9 |
Strategic update and results summary
José Antonio Ramos Calamonte, Chief Executive Officer said:
"At the beginning of this year we explained that FY24 would be a year of continued transformation for ASOS as we take the necessary actions to deliver a more profitable and cash generative business. Under our Back to Fashion strategy, we set out three priorities for the year - to offer the best and most relevant product, to strengthen our relationship with customers and to reduce our cost to serve. We have delivered on each of these in the first half of the year, including right-sizing our stock ahead of target to drive our best first half cash performance since 2017 and seeing excellent results in our Test & React model, which is growing at pace. ASOS is becoming a faster and more agile business, and we are reiterating our guidance for the full year as we lay the foundations for sustainably profitable growth in FY25 and beyond."
CLICK HERE FOR THE FULL RESULTS ANNOUNCEMENT
Notes
1 The alternative performance measures used by ASOS are explained, defined and reconciled to statutory measures on pages 41-44.
2 Adjusted revenue includes retail sales, wholesale and income from other services, excluding jobber income.
3 Like-for-like ('LfL') sales are adjusted to remove the benefit of one additional day of trading in H1 FY24 (4 September 2023 to 3 March 2024) vs. H1 FY23 (1 September 2022 to 28 February 2023). The impact of the additional day is less than 1%.
4 Cost to serve defined as operating expenses (excluding depreciation and amortisation and excluding adjusting items) as a percentage of adjusted revenue.
Investor and analyst meeting:
The group will be hosting an in-person presentation for analysts at 9.30am at ASOS HQ, Greater London House, NW1 7FB. A live webcast will also be available, and a recording of the presentation will be uploaded to the ASOS investor relations website afterwards.
To access live please dial +44 208 080 6591 and use Meeting ID: 835 5126 0264 and passcode: 677000. A live stream of the event will be available here.
A recording of this webcast will be available on the ASOS Plc investor centre website after the event: https://www.asosplc.com/investor-relations/
For further information: Investors: |
|
Holly Cassell, ASOS Head of Investor Relations |
Tel: 020 7756 1000 |
Media: |
|
Jonathan Sibun / Will Palfreyman, Teneo |
Tel: 020 7353 4200 |