ASOS plc sales in August weaker than anticipated

ASOS plc (LON:ASC) today issued an update on trading for the 12 months ended 31 August 2022.

Full-year sales, adjusted PBT and net debt are anticipated to be in the range of market expectations¹. However, after having seen good growth in June and July, sales in August were weaker than anticipated. This reflected the impact of accelerating inflationary pressures on consumers and a slow start to Autumn/Winter shopping.

Profit is anticipated to be around the bottom end of company guidance, with constant currency sales growth of c.2% and net debt c. £150m².

While ASOS plc remains cautious about the outlook for consumer spending, it continues to make strategic progress and manage the business for the current environment.

ASOS will report full-year results on 12 October 2022.

¹ Company-compiled consensus as of 15 July 2022 for 12 months ended 31 August 2022

·      Total Sales Growth in the range of 0.3% to 6.3% [Consensus: 3.2%]

·      Adjusted PBT in the range of £9m to £43m [Consensus: £28m]

·      Net Cash / (Net Debt) in the range of (£235m) to £101m [Consensus: (£77m)]

² Company Guidance issued as at 16 June 2022:

·      Constant Currency sales growth in the range 4% to 7%

·      Adjusted PBT in the range £20m to £60m

·      Net Debt in the range £75m to £125m