ASOS posts 18% fall in half year sales
ASOS has reported an 18% fall in first half sales, although the online fashion retailer said its full-year guidance remains unchanged with a sales drop of 5% to 15% and positive adjusted EBITDA.
The company said the sales decline in the 26 weeks to 3 March was broadly in line with expectations.
ASOS said it is making good progress on implementing its Back to Fashion strategy that includes work to clear older stock and a move to a new operating model. It also confirmed that it is ahead on its plan to improve stock efficiency and reduce inventory to around £600 million by the year-end.
José Antonio Ramos Calamonte, chief executive of ASOS, said: “ASOS is becoming a faster and more agile business, aided by the incredible work of our teams to speed up all of our processes to deliver the fashion, quality and prices that our customers want, when they want it.
“I’m excited by the performance of our new collections, while we have also made great progress in monetising inventory that built up over the pandemic and in improving the core profitability of our operations.
“We have reconfirmed our guidance for FY24 as we lay the foundations for a more profitable, cash generative business from FY25 and beyond.”
