The latest from the boardroom

Final results for the period to 3 September 2023

“FY23 was a year of good progress for ASOS in a very challenging environment and I am proud of what the business has achieved. We have reduced our stock balance by c.30%, significantly improved the core profitability of the business, strengthened our balance sheet, and refreshed our leadership team. Encouragingly, stock that was brought in under our new commercial model over the summer months has performed strongly and this gives us the confidence to accelerate the rollout of our new processes. As such, we are taking decisive action in FY24 to clear stock brought in under our old model while substantially improving our speed to market and investing in our brand, reminding our customers what we’re really about: fashion.” 

Final results for the period to 3 September 2023

Revenue

£3,549.5m

Growth rate: (11%)1

2022: £3,936.5m

Adjusted gross margin2

44.2%

Growth rate: +60bps

2022:43.6%

Adjusted EBIT3

(£29.0m)

2022: £44.1m

Free cash flow3 

(£213m)

2022: (£340m)

 

1 Total adjusted sales, on a constant currency basis, excluding Russia from H1 FY22, and removing the impact of the 3 extra trading days in FY23
2 Adjusted 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.£130m. 
3 Definitions of the adjusted performance measures used above and can be found on pages 39-41 of the Final results for the period to 3 September 2023


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22/11/2023
2023 Annual Report
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01/11/2023
Final results for the period to 3 September 2023
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