Asos H1 sales fall 18 percent

Asos sales declined by 18 percent for the 26 weeks to March 3, 2024, which the company said was broadly in-line with the guidance that P4 FY23 trends were expected to continue through H1 FY24.

The company’s full-year guidance remains unchanged, including a 5 to 15 percent sales decline, positive adjusted EBITDA, inventory back to pre-Covid levels, and positive cash generation, reducing net debt.

Commenting on the trading update, José Antonio Ramos Calamonte, chief executive officer of Asos said: "I'm excited by the performance of our new collections, while we have also made great progress in monetising inventory that built up over the pandemic and in improving the core profitability of our operations. We have reconfirmed our guidance for FY24 as we lay the foundations for a more profitable, cash generative business from FY25 and beyond."

The company added that the negative results were because of the actions taken during FY23 to improve core profitability under the Driving Change agenda.