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ASOS sets out change agenda after tough year

Online fashion retailer ASOS has posted a £9.8 million full year operating loss after the second half of its financial year proved more challenging than expected…. View Article

FASHION

ASOS sets out change agenda after tough year

Online fashion retailer ASOS has posted a £9.8 million full year operating loss after the second half of its financial year proved more challenging than expected.

In the year to 31 August, the retailer’s group revenues edged up 1% on a reported revenue basis, while adjusted pre-tax profit came in £22 million compared to the previous year’s £193.6 million, which was in line with guidance.

ASOS said it is currently facing a tough economic environment and will now focus on building on its core strengths which it regards as the ASOS brand, partner brands and its strong fashion credibility and market leading position in the UK.

During the next 12 months, it will be renewing its commercial model and improving inventory management; simplifying and reducing its cost profile; ensuring a robust and flexible balance sheet; and strengthening its the leadership team and “refreshing” its culture.

José Antonio Ramos Calamonte, chief executive of ASOS, said: “ASOS is a strong business with a compelling brand, customer offer and fashion credibility, with dedicated and passionate employees. Against the backdrop of an incredibly challenging economic environment, this unique combination has enabled our business to deliver a resilient performance this financial year in the UK – but I know we as a company can achieve far more.

“Today, I have set out a clear change agenda to strengthen ASOS over the next 12 months and reorient our business towards the future. This includes a number of decisive, short-term operational measures to simplify the business, alongside steps to unlock longer-term sustainable growth by improving our speed to market, reinforcing our focus on fashion, strengthening our top team and leveraging data and digital developments to better engage customers.”

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