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Trading statement for the four months ended 31 December 2022

“We are undertaking necessary strategic and operational changes, with our focus shifting from prioritising top-line growth to building a more relevant and competitive fashion business with a disciplined approach to capital allocation and ROI. At the same time, we are working to reinforce our credibility as a leading destination for our fashion-loving customers.

“We have made good early progress against a number of measures to simplify the business, including re-positioning our inventory profile, reviewing our operational model in our top markets and reducing our cost base. While there is more to do, I am pleased by the progress made in this period and am confident in the direction we are going. We retain ample balance sheet flexibility and reiterate our expectations for FY23.”

Performance for the four months ended 31 December 2022



(Growth rate): (3%)1

2021: £1,393.1m

Adjusted gross margin2


(Growth rate in bps): -10bps

2021: 43.0%

1 On a constant currency basis, excluding Russia from the FY22 comparative base
2Adjusted gross margin is the reported gross margin excluding the impact of a provision raised in relation to the previously announced stock write-off of c.£90m. The final stock write-off is expected to be at the upper end of the range of £100m-£130m with the balance of the provision expected to be booked in H1 FY23

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Trading statement for the four months ended 31 December 2022
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