ASOS narrows full year losses
ASOS has seen its losses narrow in the year to 31 August as it embarks on a “new era of customer re-engagement”.
The online fashion retailer’s adjusted group revenue dropped by 14% to £2.46 billion while group revenue fell by 15%.
Pre-tax losses narrowed to £281.6 million from £379.3 million in the previous year, while adjusted EBITDA rose to £131.6 million, up from £80.1 million. The retailer said the EBITDA improvement was driven by its emphasis on higher quality sales despite a challenging consumer environment.
ASOS said that its main priority for the current financial year is to strengthen customer relationships and reinforce its position as a destination for inspiration and style. This comes after the fourth quarter pilot of its new AI-powered “Styled for You” feature, which offers personalised outfit suggestions to shoppers.
Looking ahead, ASOS chief executive José Antonio Ramos Calamonte said: “ASOS has always stood for innovation, energy and fashion that excites.
“When I became CEO at the end of FY22, it was clear we needed to reset the business so we could deliver that promise for our customers again.
“Three years later, the turnaround is well progressed: we’ve rebuilt our foundations, sharpened our focus, and we’re ready to reclaim our place as the most exciting destination for fashion-loving customers.”
