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Interim results for the six months to 28 February 2023

“Our focus is on improving our core profitability, prioritising order economics over top-line growth and I am pleased with the strategic and rapid operational progress the business has made in the first half of the financial year, against some very challenging trading conditions. Thanks to the hard work and commitment of our teams, we have accelerated the roll-out of our new commercial model, delivered more than £100m of profit optimisation and cost saving initiatives, extended our financing facility and continued to build out our top team while remaining committed to our Fashion with Integrity agenda. Taken together, these measures will create a more sustainably profitable and cash generative business as we reinforce our position as a leading destination for our fashion-loving customers.

While some of these changes have impacted short-term sales growth, there are many causes for optimism as we progress through the second half of the year. We are improving our gross margin run rate in the face of significant headwinds, are starting to see the benefits of a repositioned stock profile, and are taking action to reduce the proportion of our sales which are not profitable. Initiatives are in place to drive a further c.£200m of benefit in the second half and I am very confident of our return to sustainable profit and cash generation in the second half of the year and beyond.” 

Performance for the six months to 28 February 2023



Growth rate: (7%)1

2022: £2,004.1m

Adjusted gross margin2


Growth rate in bps: (20bps)

2022: 43.1%

Adjusted EBIT2


Growth rate in bps: (510bps)

2022: 1.3%

Free cash flow2


Growth rate: (£6.2m)

2022: (£256.5m)

1 On a constant currency basis, excluding Russia from the FY22 comparative base
2 Definitions of the adjusted performance measures can be found in the Notes to the Condensed Consolidated Interim FY23 Financial Statements 

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Interim results for the six months to 28 February 2023
Trading statement for the four months ended 31 December 2022

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