Interim results for the 26 weeks to 3 March 2024

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The latest from the boardroom

Interim results for the 26 weeks to 3 March 2024

“At the beginning of this year we explained that FY24 would be a year of continued transformation for ASOS as we take the necessary actions to deliver a more profitable and cash generative business. Under our Back to Fashion strategy, we set out three priorities for the year – to offer the best and most relevant product, to strengthen our relationship with customers and to reduce our cost to serve. We have delivered on each of these in the first half of the year, including right-sizing our stock ahead of target to drive our best first half cash performance since 2017 and seeing excellent results in our Test & React model, which is growing at pace. 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 FY25 and beyond.” 

Interim results for the 26 weeks to 3 March 2024

Adjusted Revenue1

£1,497.5m

Growth rate: (18%)

H1 FY23: £1,838.5m

Adjusted gross margin2

40.3%

Change: (260bps)

H1 FY23:42.9%

Adjusted3 EBITDA

(£16.3m)

H1 FY23: £4.6m

Free cash flow3 

(£21.1m)

H1 FY23: (£258.8m)

 

Cost to serve4

41.5%

H1 FY23: 42.7%

Inventory

£592.5m

H1 FY23: £978.4m

1Adjusted revenue includes retail sales, wholesale and income from other services, excluding jobber income.
2Adjusted gross margin is the reported Gross profit divided by revenue and excluding the impact of adjusting items.
3The alternative performance measures used by ASOS are explained, defined and reconciled to statutory measures on pages 41-44 of the Interim results for the 26 weeks to 3 March 2024
4Cost to serve defined as operating expenses (excluding depreciation and amortisation and excluding adjusting items) as a percentage of adjusted revenue.

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