The latest from the boardroom
Trading statement for the three months ended 31 May 2023
“We continue to focus on making ASOS the best possible destination for our fashion-loving customers. At the same time, we are delivering on our plan to turn the business around: to right-size our stock; to generate cash; to reduce our net debt; and to structurally improve our profitability. I am confident in the direction we are going, we have restored profitability in the period and made good progress in clearing through our inventory to generate cash. We retain ample balance sheet flexibility and reiterate our expectations for improved profitability, cash generation and reduction in net debt in H2 FY23 and beyond.”
Performance for the three months ended 31 May 2023
Revenue
£858.9m
Growth rate: (14%)1
2022: £964.1m
Adjusted gross margin2
+350bps
Growth rate in bps
1 Revenue is stated at constant currency, adjusted for non-underlying items and excludes Russia from the P3 YTD FY22 comparative base period following the decision to suspend trade in Russia on 2 March 2022
2 Definitions of the adjusted performance measures can be found in the Notes to the Condensed Consolidated Interim FY23 Financial Statements
