TIDMASC
RNS Number : 2798Y
ASOS PLC
13 January 2022
13 January 2022
ASOS plc ("the Company")
Trading Statement for the four months ended 31 December 2021
ASOS delivers robust results in challenging market
conditions
ASOS announces intended move to London Stock Exchange's Main
Market
-- Revenue growth of 5% CCY in P1, in line with guidance despite continued industry-wide supply chain constraints
and increased uncertainty following discovery of Omicron variant
-- Continued progress against strategic priorities with successful pilot of Partner Fulfils, soft launch of ASOS
brands edit in Nordstrom stores and online, and launch of more compelling Premier offer in key international
territories
-- Guidance for the year unchanged with revenue growth expected in the range of 10%-15% and adjusted PBT of
GBP110m-GBP140m
-- ASOS announces its intention to move to the London Stock Exchange's Main Market, expected by end of February 2022
-- Separately, ASOS today announces the appointment of Patrick Kennedy, Chairman of Bank of Ireland Group plc and
former Chief Executive of Paddy Power, as Senior Independent Non-Executive Director and Audit Committee Chair
with immediate effect
Four months to 31 December
CCY(2) Reported
GBPm(1) 2021 2020 Increase Increase
-------- -------- ---------- ----------
UK total sales 645.2 571.3 13% 13%
EU total sales 390.2 400.6 2% (3%)
US total sales 172.6 161.7 11% 7%
ROW total sales 185.1 230.5 (15%) (20%)
Total group revenue(3) 1,393.1 1,364.1 5% 2 %
-------- -------- ----------
(1) All numbers subject to rounding throughout this document,
(2) Co nstant currency is calculated to take account of hedged rate
movements on hedged sales and spot rate movements on unhedged
sales, (3) Includes retail sales, wholesale and income from other
services. All references to segmental sales throughout the document
are total sales unless otherwise stated. Any reference to total or
retail sales growth throughout the document is on a constant
currency basis.
P1 Results Summary
-- Total sales growth of 5%, in line with our guidance. Supply chain constraints played out as anticipated, whilst
market demand remained volatile due to significantly increased COVID caseloads across large parts of the UK,
Europe, and the US
-- Active customer base increased by 0.3m customers to 26.7m, reflecting slower customer growth as we cycled a
period of exceptional customer acquisition in P1 FY21
-- As expected, gross margin decreased by 400 bps to 43.0% driven by heightened clearance activity to shift
slow-moving '21 spring / summer stock, elevated freight costs, and use of air freight to circumvent supply chain
constraints and maximise peak trading. Trends expected to improve across the remainder of the year as
peak-related supply chain bottlenecks ease and stock profile normalises
-- Low to mid-single digit price increases have been taken to mitigate cost inflation going forward across both ASOS
and partner brands
-- Returns rate has normalised in line with expectations
Territory Performance
-- UK delivered growth ahead of expectations at +13%, supported by strong peak performance and demand for going out
wear
-- EU grew by +2% in the period and was significantly impacted by the fourth COVID wave, with resulting restrictions
limiting events and going out occasions
-- US delivered growth of +11% despite significant port congestion and supply chain disruption inhibiting our
ability to fully service demand
-- ROW performance of -15%, reflecting the continued impact of extended delivery propositions
Business Update
-- Following a successful pilot of the Partner Fulfils programme, in partnership with adidas and Reebok in the UK in
November, the Company will expand the model in FY22 including roll out to Europe
-- The Topshop brands continue to perform well on the ASOS platform, posting strong growth of more than 200%
year-on-year. The brands have performed well across all regions, with the UK, Germany, and US continuing to post
the highest growth
-- ASOS successfully debuted the first edit of ASOS Design, ASOS Edition, and ASOS Luxe in two Nordstrom stores and
online, with ASOS Curve exclusively available on Nordstrom.com
-- As outlined at the Capital Markets Day in November, ASOS remains focused on efforts to improve the flexibility
and speed of the retail model and accelerating the pace of delivery of its international growth strategy. Next
phase includes further organisational alignment against key priorities including the establishment of more
dedicated teams in support of ASOS and partner brands, further rollout of geographical teams and the
establishment of key operating units to drive Face + Body and Sportswear growth plans
-- Non-recurring costs incurred in relation to accelerating the ASOS strategy, along with all costs incurred to
shift ASOS' listing from AIM to the Main Market, will be treated as adjusting items in Adjusted Profit Before Tax
in FY22. These are expected to be in the range of between GBP10m to GBP13m for the first half
-- The Company is currently in the process of preparing a Prospectus in connection to its application for Admission,
which will be subject to approval by the FCA. Admission is currently envisaged by the end of February 2022
Outlook
-- Whilst both demand and returns rate uncertainty related to the Omicron variant are expected to remain in the
short term, the guidance for the year remains unchanged with revenue growth expected in the range of 10%-15% and
adjusted PBT of GBP110m-GBP140m
Mat Dunn, COO, commented:
"ASOS has delivered a robust start to the year, in line with the
guidance we set out at full-year results, despite challenging
market conditions. This performance reflects the strength of our
offer, excellent customer experience and the dedication and hard
work of all ASOSers. We continued to make progress against our
objectives to improve the flexibility and speed of our retail model
and accelerate the pace of delivery of our international growth
strategy. Looking ahead, while mindful of the near-term uncertainty
relating to the pandemic, our guidance for the full year remains
unchanged.
"We are also pleased to announce today that we plan to move to
the Main Market of the London Stock Exchange. Our listing on AIM
for the past 20 years has been an important part of ASOS'
development, but the time is now right to move to the Main Market
as we focus on delivering our medium-term guidance and longer-term
growth ambitions."
Intended application for admission to the Main Market and
cancellation of trading on AIM
ASOS further announces today its intention to apply for ASOS'
ordinary shares to be admitted to the premium listing segment of
the Official List and to trading on the main market for listed
securities (the "Main Market") of the London Stock Exchange plc
("The London Stock Exchange") ("Admission"). The Company is
currently in the process of preparing a Prospectus in connection
with its application for Admission. The Company's listing on AIM
will be cancelled with effect from Admission, envisaged by the end
of February 2022.
ASOS' directors believe that given ASOS' size and scale, now is
the appropriate time to move from AIM to a premium Main Market
listing. Over the past 20 years, the Company has demonstrated a
proven track record, built a broad shareholder base, and has
adopted, applied and reported against the UK Corporate Governance
Code for several years. The directors consider that Admission would
further enhance the Company's corporate profile and recognition, as
well as extending the opportunity to own the Company's ordinary
shares to a broader group of global institutional shareholders.
Admission is subject to (i) the approval by the FCA of a
Prospectus and admission to the premium listing segment of the
Official List; and (ii) admission by the London Stock Exchange to
trading of the ordinary shares on the Main Market. Subject to
satisfaction of these conditions, Admission is expected to occur,
and the Company's listing on AIM to be cancelled simultaneously on
a date not earlier than 21 February 2022 (being at least 20
business days after the date of this announcement). Accordingly,
the Company hereby gives notice of the intended cancellation of
trading of its ordinary shares on AIM in accordance with Rule 41 of
the AIM Rules for Companies. ASOS will make a further announcement
on the status of the proposed applications for Admission (and the
timeline for Admission) in due course. Admission would be effected
through an introduction of the existing ordinary shares and ASOS
would not raise any funds or offer any new securities in connection
with Admission or the publication of the related prospectus.
Admission is not expected to be conditional upon any shareholder
approval. ASOS shareholders should consult their advisors regarding
the consequences of Admission on their personal tax position.
J.P. Morgan Securities plc , which carries on its UK investment
banking activities as J.P. Morgan Cazenove ("J.P. Morgan
Cazenove"), is acting as sponsor to ASOS in connection with
Admission.
This announcement includes inside information.
The person responsible for arranging the release of this
announcement on behalf of ASOS is Anna Suchopar, General Counsel
and Company Secretary.
Investor and Analyst conference call:
ASOS will be hosting a conference call for analysts and
investors at 8.30am (UK time) on 13(th) January 2022. To access
live please dial 0800 640 6441 / +44 20 3936 2999, and use
passcode: 004202 A recording of this webcast will be available on
the ASOS Plc website later today:
https://www.asosplc.com/investor-relations/
For further information:
ASOS plc Tel: 020 7756 1000
Mathew Dunn, Chief Operating Officer &
Chief Financial Officer
Taryn Rosekilly, Director of Investor
Relations
Website: www.asosplc.com/investors
Headland Consultancy Tel: 020 3805 4822
Susanna Voyle / Stephen Malthouse
JPMorgan Cazenove Tel: 020 7742 4000
Bill Hutchings / Will Vanderspar
Numis Securities Tel: 020 7260 1000
Alex Ham / Jonathan Wilcox / Tom Jacob
Berenberg Tel: 020 3207 7800
Michelle Wilson / Jen Clarke
Background note
ASOS is a destination 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 app and mobile/desktop web
experience, available in ten languages and in over 200 markets,
ASOS customers can shop a curated edit of over 90,000 products,
sourced from nearly 900 global and local third-party brands
alongside a mix of fashion-led own-brand labels - ASOS Design, ASOS
Edition, ASOS 4505, Collusion, Reclaimed Vintage, Topshop, Topman,
Miss Selfridge and HIIT. 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 delivery and return
options, including Next-Day Delivery and Same-Day Delivery,
dispatched from state-of-the-art fulfilment centres in the UK, US
and Germany.
Important information
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.
This announcement does not constitute an offer to sell, or the
solicitation of an offer to acquire or subscribe for, shares in the
Company in any jurisdiction. The distribution of this announcement
outside the UK may be restricted by law. No action has been taken
by the Company that would permit possession of this announcement in
any jurisdiction outside the UK where action for that purpose is
required. Persons outside the UK who come into possession of this
announcement should inform themselves about the distribution of
this announcement in their particular jurisdiction.
The Company's ordinary shares have not been, and will not be,
registered under the US Securities Act of 1933, as amended (the "US
Securities Act"), or under the securities laws of any state or
other jurisdiction of the United States. The ordinary shares may
not be offered, sold, resold, transferred or delivered, directly or
indirectly, within the United States, except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the US Securities Act and in
compliance with any applicable securities laws of any state or
other jurisdiction in the United States.
J.P. Morgan Securities plc (which conducts its UK investment
banking activities as J.P. Morgan Cazenove) ("J.P. Morgan"), which
is authorised by the Prudential Regulatory Authority (the "PRA")
and regulated in the United Kingdom by the PRA and the FCA, is
acting exclusively for the Company and no one else in connection
with Admission and it will not regard any other person as a client
in relation to Admission and will not be responsible to anyone
other than the Company for providing the protections afforded to
its clients or for providing advice in relation to Admission or any
other transaction, matter, or arrangement referred to in this
announcement.
Appendix 1 - Total sales growth by period in sterling
Year ending 31 August 2022
2021/22
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% YTD YOY%
------- ----- ----- ----- --------
UK total sales 645.2 13% 645.2 13%
EU total sales 390.2 (3%) 390.2 (3%)
US total sales 172.6 7% 172.6 7%
ROW total sales 185.1 (20%) 185.1 (20%)
Total sales 1,393.1 2% 1,393.1 2%
------- ----- ----- ----- --------
Year ended 31 August 2021 (Underlying (2) )
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% 2020/21 YOY%
------- ----- ------- ----- --------
UK total sales 571.3 35% 254.5 46% 546.1 37% 280.1 29% 1,652.0 36%
EU total sales 400.6 18% 193.7 22% 398.3 14% 192.6 6% 1,185.3 15%
US total sales 161.7 12% 71.2 8% 154.2 10% 79.2 21% 466.2 12%
ROW total sales 230.5 16% 92.4 1% 187.8 (10%) 96.3 (7%) 607.0 1%
Total sales 1,364.1 23% 611.8 25% 1,286.4 17% 648.2 14% 3,910.5 20%
------- ----- ------- ----- --------
Year ended 31 August 2020 (Underlying (2) )
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% 2019/20 YOY%
------- ----- ------- ----- --------
UK total sales 422.4 18% 174.5 26% 399.4 16% 217.8 17% 1,214.1 18%
EU total sales 340.5 21% 158.9 24% 349.5 27% 181.3 14% 1,030.2 22%
US total sales 144.2 23% 65.6 32% 139.9 11% 65.6 8% 415.3 18%
ROW total sales 198.9 24% 91.7 15% 209.3 21% 104.0 11% 603.9 19%
Total sales 1,106.0 20% 490.7 24% 1,098.1 19% 568.6 14% 3,263.5 19%
------- ----- ------- ----- --------
(1) 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
(2) Adjusted comparatives to reflect the underlying sales
performance for prior year returns provision phasing. Please see
Trading Statement for the four months ended 30 June 2021 on the
ASOS Plc website for more information.
Appendix 2 - Total sales growth by period at constant
currency
Year ending 31 August 2022
P1 (1) P2 (1) P3 (1) P4 (1) 2021/22
GBPm YOY% YOY% YOY% YOY% YOY%
UK total sales 13% 13%
EU total sales 2 % 2 %
US total sales 11 % 11 %
ROW total sales (15%) (15%)
Total sales 5% 5%
Year ended 31 August 2021 (Underlying (2) )
P1 (1) P2 (1) P3 (1) P4 (1) 2021/22
GBPm YOY% YOY% YOY% YOY% YOY%
UK total sales 35% 46% 37% 29% 36%
EU total sales 17% 20% 15% 4% 15%
US total sales 16% 13% 24% 32% 21%
ROW total sales 20% 9% (3%) (4%) 6%
Total sales 24% 26% 21% 15% 22%
Year ended 31 August 2020 (Underlying (2) )
P1 (1) P2 (1) P3 (1) P4 (1) 2021/22
GBPm YOY% YOY% YOY% YOY% YOY%
UK total sales 18% 26% 16% 17% 18%
EU total sales 23% 25% 25% 14% 22%
US total sales 20% 34% 6% 9% 15%
ROW total sales 24% 15% 20% 13% 19%
Total sales 21% 24% 18% 14% 19%
(1) 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
(2) Adjusted comparatives to reflect the underlying sales
performance for prior year returns provision phasing. Please see
Trading Statement for the four months ended 30 June 2021 on the
ASOS Plc website for more information.
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END
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