ASOS PLC Pre-close Trading Update (8442V)
12 8월 2020 - 3:00PM
UK Regulatory
TIDMASC
RNS Number : 8442V
ASOS PLC
12 August 2020
12 August 2020
ASOS plc ("the Company")
Pre-close Trading Update
Trading and Financial Performance
ASOS has continued to deliver a strong operational performance
and year-on-year improvements in profitability this financial year
as a result of a focus on trading dynamically and managing the
business rigorously.
Today we are announcing that sales and profit for the full year
are expected to be significantly ahead of market expectations.
Revenue growth is now expected to be between 17% and 19% with PBT
in the region of GBP130m-GBP150m. The improvement in expectations
is supported by stronger than anticipated underlying demand and the
continuation of the beneficial returns profile highlighted in our
last trading statement.
We had expected to see underlying returns normalise once
lockdown measures eased and customers were both able to ship
returns and felt more comfortable doing so. However, in recent
weeks, we have gained better visibility on this pattern in customer
behaviour as we have progressed through the returns cycle and it
has become evident that returns are not increasing at the rate we
originally anticipated.
As a result, we have seen a significant and sustained reduction
in returns rates since April. In part this reflects customer demand
for 'lockdown' categories, such as activewear and face + body.
However, rates have been further suppressed below estimated levels
by a prolonged shift in customer behaviour towards more deliberate
purchasing across all product categories, even when sales momentum
has improved.
Outlook
Looking forward, the consumer and economic outlook remains
uncertain and it is unclear how long the current favourable
shopping behaviour will persist. We are providing updated
expectations for the current year reflective of this uncertainty.
The recent trading dynamics will deliver FY20 sales and PBT ahead
of market expectations and further support strong underlying cash
generation this year. However, the extent of this outperformance
and any impact beyond this financial year will be driven by how
customer shopping behaviour normalises.
The second half has been a period of tremendous change for ASOS,
we have made real progress and shown resilience through the period
and are exiting the year in a strong position. We have a robust
balance sheet, with a differentiated product offer and global
infrastructure to leverage. Against this backdrop we have increased
confidence that ASOS will continue to progress as one of the few
truly global leaders in fashion retail.
For further information:
ASOS plc Tel: 020 7756 1000
Nick Beighton, Chief Executive Officer
Mathew Dunn, Chief Financial Officer
Alison Lygo, Investor Relations
Website: www.asosplc.com/investors
Headland Consultancy Tel: 020 3805 4822
Susanna Voyle / Stephen Malthouse / Fay
Rajaratnam
JPMorgan Cazenove Tel: 020 7742 4000
Bill Hutchings / Christopher Wood
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 an online retailer for fashion-loving 20-somethings
around the world, with a purpose to give its customers the
confidence to be whoever they want to be. Through its
market-leading app and mobile/desktop web experience, available in
ten languages and in over 200 markets, ASOS customers can shop a
curated edit of 85,000 products, sourced from 850 of the best
global and local third-party brands and its mix of fashion-led
in-house labels - ASOS Design, ASOS Edition, ASOS 4505 and
Collusion. ASOS aims to give all of its customers a truly
frictionless experience, with an ever-greater number of different
payment methods and hundreds of local deliveries and returns
options, dispatched from state-of-the-art fulfilment centres in the
UK, US and Germany.
ASOS's websites attracted 235.7 million visits during June 2020
(June 2019(1) : 197.4 million) and as at 30 June 2020 it had 23.0
million active customers(2) (30 June 2019: 19.9 million), of which
7.0 million were located in the UK and 16.0 million were located in
our international territories (30 June 2019: 6.3 million in the UK
and 13.6 million internationally).
(1) Restated visits, previously reported number 200.9 million,
(2) Defined as having shopped in the last twelve months as at 30
June
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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