TIDMASC
RNS Number : 9476T
ASOS PLC
12 January 2017
12 January 2017
ASOS plc ("the Company")
Trading Statement for the four months ended 31 December 2016
Four months to 31 December
Reported CCY(2)
GBPm(1) 2016 2015 Increase Increase
------------------------ ------ ------ ---------- ----------
UK retail sales 244.0 206.2 18% 18%
US retail sales 82.7 49.7 66% 42%
EU retail sales 165.8 111.0 49% 38%
ROW retail sales 113.2 77.4 46% 44%
International retail
sales 361.7 238.1 52% 41%
------------------------ ------ ------ ---------- ----------
Total retail sales 605.7 444.3 36% 30%
------------------------ ------ ------ ---------- ----------
Total group revenue(3) 621.3 457.1 36% 30%
------------------------ ------ ------ ---------- ----------
(1) All numbers subject to rounding
(2) Constant currency has been calculated to take into account
hedged rate movements on hedged sales and spot rate
movements on unhedged sales
(3) Includes retail sales, delivery receipts and third party
revenues
Highlights include:
-- Retail sales grew strongly, +36% on a reported basis and +30%
on a constant currency basis as investments in pricing and
proposition continued to gain traction
-- Strong performance in the UK with retail sales growth of +18% in a more promotional market
-- International retail sales accelerated to +52% aided by the
reinvestment of the FX tailwind resulting from sterling weakness
and US import duty benefits
-- Retail gross margin down 30bps on prior year, in line with plan
-- Continued strong customer engagement: active customers(4)
+25%, average basket value +2%, average order frequency +6%
-- Total orders shipped 15.5m, +35% year on year
(4) Defined as having shopped in the last twelve months
Guidance:
-- Medium term reported sales growth guidance remains unchanged at c.20-25% p.a.
-- Following reinvestment of FX and US duty benefits largely
into price, guidance for FY17 reported sales growth is increased to
c.25-30%
-- Including enhanced reinvestment, we remain confident of
delivering current market consensus PBT expectations for the
year
-- Capital expenditure is now expected to be in the GBP150-170m
range for the current financial year
Nick Beighton, CEO, commented:
"Following record sales over Cyber weekend and the Christmas
trading period, I'm pleased to report a strong start to the year. A
50% plus increase in international sales is a standout performance.
UK sales growth at 18% was a strong performance in a more
promotional market.
With sales for the year now expected to be up by c.25 to 30%,
we're accelerating our infrastructure investment to handle that
growth. ASOS remains well set to meet its longer-term ambitions as
a result of the hard work and commitment of the team".
Investor and Analyst conference call:
ASOS will be hosting a conference call for analysts and
investors at 7:45am (UK Time) today. Please call Guy Scarborough at
Instinctif Partners for dial-in details on 020 7457 2047 or email
guy.scarborough@instinctif.com.
A recording of this conference call will be available on the
ASOS Plc investor centre website later today:
http://www.asosplc.com/investors.aspx
For further information:
ASOS plc Tel: 020 7756 1000
Nick Beighton, Chief Executive Officer
Helen Ashton, Chief Financial Officer
Greg Feehely, Director of Investor Relations
Website: www.asosplc.com/investors
Instinctif Partners Tel: 020 7457 2020
Matthew Smallwood / Justine Warren / Guy
Scarborough
JPMorgan Cazenove Tel: 020 7742 4000
Michael Wentworth-Stanley / Caroline Thomlinson
Numis Securities Tel: 020 7260 1000
Alex Ham / Luke Bordewich
Forward looking statements:
This announcement may include statements that are, or may be
deemed to be, "forward-looking statements" (including words such as
"believe", "expect", "estimate", "intend", "anticipate" and words
of similar meaning). By their nature, forward-looking statements
involve risk and uncertainty since they relate to future events and
circumstances, and actual results may, and often do, differ
materially from any forward-looking statements. Any forward-looking
statements in this announcement reflect management's view with
respect to future events as at the date of this announcement. Save
as required by applicable law, the Company undertakes no obligation
to publicly revise any forward-looking statements in this
announcement, whether following any change in its expectations or
to reflect events or circumstances after the date of this
announcement.
Background note:
ASOS is a global fashion destination for 20-somethings. We sell
cutting-edge fashion and offer a wide variety of fashion-related
content, making ASOS.com the hub of a thriving fashion community.
We sell over 85,000 branded and own-brand products through
localised mobile and web experiences, delivering from our
fulfilment centres in the UK, US and Europe to almost every country
in the world.
We tailor the mix of own-label, global and local brands sold
through each of our eight local language websites: UK, US, France,
Germany, Spain, Italy, Australia and Russia.
ASOS's websites attracted 139 million visits during December
2016 (December 2015: 114 million) and as at 31 December 2016 it had
13.4 million active customers(1) (31 December 2015: 10.7 million),
of which 4.9 million were located in the UK and 8.5 million were
located in our international territories (31 December 2015: 4.2
million in the UK and 6.5 million internationally).
(1) Defined as having shopped in the last twelve months
Appendix 1 - Retail sales growth by period in sterling
Year ending 31 August 2017
2016/17
GBPm(1) P1(2) YOY% P2(2) YOY% P3(2) YOY% P4(2) YOY% YTD YOY%
------------------- ----- ---- ----- ---- ----- ---- ----- ---- -------- ----
UK retail sales 244.0 18% 244.0 18%
US retail sales 82.7 66% 82.7 66%
EU retail sales 165.8 49% 165.8 49%
ROW retail sales 113.2 46% 113.2 46%
International
retail sales 361.7 52% 361.7 52%
------------------- ----- ---- ----- ---- ----- ---- ----- ---- -------- ----
Total retail sales 605.7 36% 605.7 36%
------------------- ----- ---- ----- ---- ----- ---- ----- ---- -------- ----
Year ending 31 August 2016
GBPm(1) P1(2) YOY% P2(2) YOY% P3(2) YOY% P4(2) YOY% 2015/16 YOY%
------------------- ----- ---- ----- ---- ----- ---- ----- ---- --------- ----
UK retail sales 206.2 25% 83.3 26% 203.1 28% 111.2 32% 603.8 27%
US retail sales 49.7 42% 27.1 38% 68.3 53% 34.1 67% 179.2 50%
EU retail sales 111.0 29% 56.9 14% 139.5 32% 67.5 30% 374.9 28%
ROW retail sales 77.4 3% 33.0 (5%) 87.4 16% 48.0 21% 245.8 9%
International
retail sales 238.1 21% 117.0 12% 295.2 31% 149.6 34% 799.9 25%
------------------- ----- ---- ----- ---- ----- ---- ----- ---- --------- ----
Total retail sales 444.3 23% 200.3 18% 498.3 30% 260.8 33% 1,403.7 26%
------------------- ----- ---- ----- ---- ----- ---- ----- ---- --------- ----
Year ending 31 August 2015
GBPm(1) P1(2) YOY% P2(2) YOY% P3(2) YOY% P4(2) YOY% 2014/15 YOY%
------------------- ----- ---- ----- ---- ----- ---- ----- ---- ------- ----
UK retail sales 165.5 24% 65.9 36% 158.4 27% 84.1 29% 473.9 27%
US retail sales 34.9 8% 19.6 35% 44.5 43% 20.5 41% 119.5 29%
EU retail sales 86.3 (1%) 49.9 24% 105.8 21% 51.9 26% 293.9 15%
ROW retail sales 75.3 (8%) 34.7 8% 75.1 (1%) 39.7 3% 224.8 (2%)
International
retail sales 196.5 (3%) 104.2 20% 225.4 16% 112.1 19% 638.2 10%
------------------- ----- ---- ----- ---- ----- ---- ----- ---- ------- ----
Total retail sales 362.0 8% 170.1 26% 383.8 20% 196.2 23% 1,112.1 17%
------------------- ----- ---- ----- ---- ----- ---- ----- ---- ------- ----
(1) All numbers subject to rounding
(2) Periods are as follows:
P1: four months to 31 December
P2: two months to 28/29 February
P3: four months to 30 June
P4: two months to 31 August
Appendix 2 - Retail sales growth by period at constant
currency(1)
Year ending 31 August 2017
2016/17
GBPm(2) P1(3) YOY% P2(3) YOY% P3(3) YOY% P4(3) YOY% YTD YOY%
------------------- ----- ---- ----- ---- ----- ---- ----- ---- -------- ----
UK retail sales 244.0 18% 244.0 18%
US retail sales 82.7 42% 82.7 42%
EU retail sales 165.8 38% 165.8 38%
ROW retail sales 113.2 44% 113.2 44%
International
retail sales 361.7 41% 361.7 41%
------------------- ----- ---- ----- ---- ----- ---- ----- ---- -------- ----
Total retail sales 605.7 30% 605.7 30%
------------------- ----- ---- ----- ---- ----- ---- ----- ---- -------- ----
Year ending 31 August 2016
GBPm(2) P1(3) YOY% P2(3) YOY% P3(3) YOY% P4(3) YOY% 2015/16 YOY%
------------------- ----- ---- ----- ---- ----- ---- ----- ---- --------- ----
UK retail sales 206.2 25% 83.3 26% 203.1 28% 111.2 32% 603.8 27%
US retail sales 49.7 35% 27.1 32% 68.3 45% 34.1 47% 179.2 22%
EU retail sales 111.0 40% 56.9 17% 139.5 22% 67.5 30% 374.9 26%
ROW retail sales 77.4 15% 33.0 0% 87.4 17% 48.0 20% 245.8 6%
International
retail sales 238.1 29% 117.0 14% 295.2 25% 149.6 29% 799.9 17%
------------------- ----- ---- ----- ---- ----- ---- ----- ---- --------- ----
Total retail sales 444.3 27% 200.3 19% 498.3 26% 260.8 30% 1,403.7 21%
------------------- ----- ---- ----- ---- ----- ---- ----- ---- --------- ----
Year ending 31 August 2015
GBPm(2) P1(3) YOY% P2(3) YOY% P3(3) YOY% P4(3) YOY% 2014/15 YOY%
------------------- ----- ---- ----- ---- ----- ---- ----- ---- ------- ----
UK retail sales 165.5 24% 65.9 36% 158.4 27% 84.1 29% 473.9 27%
US retail sales 34.9 9% 19.6 25% 44.5 31% 20.5 31% 119.5 22%
EU retail sales 86.3 6% 49.9 34% 105.8 37% 51.9 41% 293.9 26%
ROW retail sales 75.3 (3%) 34.7 14% 75.1 5% 39.7 14% 224.8 5%
International
retail sales 196.5 3% 104.2 25% 225.4 23% 112.1 28% 638.2 17%
------------------- ----- ---- ----- ---- ----- ---- ----- ---- ------- ----
Total retail sales 362.0 11% 170.1 29% 383.8 25% 196.2 29% 1,112.1 21%
------------------- ----- ---- ----- ---- ----- ---- ----- ---- ------- ----
(1) From 1 July 2016, constant currency has been calculated to
take into account hedged rate movements on hedged sales and spot
rate movements on unhedged sales as this more closely reflects
reality. Prior to this, the calculation only took into account spot
rate movements on total sales.
(2) All numbers subject to rounding
(3) Periods are as follows:
P1: four months to 31 December
P2: two months to 28/29 February
P3: four months to 30 June
P4: two months to 31 August
This information is provided by RNS
The company news service from the London Stock Exchange
END
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