Online retailer, ASOS.com, sees losses deepen to £120 in its half year but with its turnaround plan adjusted pre-tax losses also fell by almost a third to 3rd March (group sales down by 18%). ASOS continues to reiterate its full-year guidance of a revenue fall of between 5-15% alongside positive adjusted EBITDA.
The retailer also stated that its stock reduction process was ahead of schedule with the offloading of 83% of its Autumn collection (marking a 17% improvement over same period in the previous year).
Jose Antonio Ramos Calamonte, CEO, commented:
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 full-year 2025 and beyond.”
ASOS has also appointed a new CFO, former Farfetch and Sainsbury’s executive, Dave Murray, who joins on 29th April and hired Christine Cross (who has served on the boards of Next, Coca Cola and Fenwick) as a new non-executive director.
Jorgen Lindemann, Chairman, said:
I’d like to welcome both Dave and Christine to Asos on behalf of the board. Christine’s experience across her career as a retail executive and as a Board member and advisor, including as remuneration committee chair for several PLCs, will be invaluable to Asos and we look forward to working with her.”
