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Final results for the period to 1 September 2024

“We achieved our key priorities for the year, significantly reducing our inventory position, while generating positive adjusted EBITDA and free cash flow. Following the year end, we further strengthened our balance sheet with our Topshop Topman joint venture and our refinancing. Our product is now in the strongest position it has been in years, with the right level of newness to excite customers, and we have fundamentally improved our profitability through a relentless focus on operational efficiency. With these solid foundations in place, we can focus on delivering experiences that delight our 20 million customers. There is much work to do, but we have already seen our efforts rewarded with new product sales increasing 24% YoY over the last three months. I am energised by the progress we have made so far and excited for the next phase of our journey.” 

Final results for the period to 1 September 2024

Adjusted Revenue1

£2,896.0m

Growth rate: (16%)

FY23: £3,538.0m

Adjusted gross margin2

43.4%

Change: (80bps)

FY23:44.2%

Adjusted3 EBITDA

£80.1m

FY23: £124.5m

Free cash flow3 

£37.7m

FY23: (£213.0m)

 

Cost to serve4

40.7%

FY23: 40.8%

Inventory

£520.3m

FY23: £768.0m

1Adjusted revenue includes retail sales and income from other services, excluding non-underlying jobber income. The growth rate is on a like-for-like (‘LfL’) basis, adjusted for the impact of foreign exchange translation (constant currency sales) and the impact of four additional trading days in FY23.
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 in the Alternative Performance Measures note at the end of the Financial Statements of the Final results for the period to 1 September 2024.
4Cost to serve defined as operating expenses (excluding depreciation, amortisation, impairments and adjusting items) as a percentage of adjusted revenue.

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