TIDMASC
RNS Number : 2183T
ASOS PLC
19 March 2019
19 March 2019
ASOS plc ("the Company")
Trading Statement for the three months ended 28 February
2019
Three months to 28 February Six months to 28 February
Reported CCY(2) Reported CCY(2)
GBPm(1) 2019 2018 Increase Increase 2019 2018 Increase Increase
------ ------ -------------- ---------- -------- -------- ---------- ----------
UK retail sales 244.4 214.9 14% 14% 481.5 414.5 16% 16%
EU retail sales 198.4 177.0 12% 8% 402.2 349.1 15% 10%
US retail sales 76.6 73.8 4% (3%) 161.6 149.0 8% 4%
ROW retail sales 121.9 101.4 20% 21% 236.0 218.7 8% 9%
International
retail sales 396.9 352.2 13% 9% 799.8 716.8 12% 9%
------ ------ -------------- ---------- -------- -------- ---------- ----------
Total retail
sales 641.3 567.1 13% 11% 1,281.3 1,131.3 13% 11%
------ ------ -------------- ---------- -------- -------- ---------- ----------
Total group revenue(3) 658.5 581.4 13% 11% 1,314.5 1,158.1 14% 12%
------ ------ -------------- ---------- -------- -------- ---------- ----------
(1) All numbers subject to rounding throughout this document,
(2) Constant currency is calculated to take account of hedged rate
movements on hedged sales and spot rate movements on unhedged
sales, (3) Includes retail sales, delivery receipts and third-party
revenues
Highlights include:
-- Total sales grew at +13% on a reported basis and +11% on
a constant currency basis
-- Retail gross margin +40bps
-- Total orders placed 17.3m (+15% YoY)
-- Customer engagement: active customers(4) +16%, average selling
price (ASP) -1%, average basket size (ABS) -1%, average
basket value (ABV) -2%, order frequency(5) +4%, conversion
flat
FY 2019 guidance:
-- Sales growth: unchanged at c.15%
-- Retail gross margin: unchanged at c.-150bps
-- EBIT margin: unchanged at c.2%
-- Capital expenditure maintained at c.GBP200m
-- Net debt of c.GBP50m, comfortably within enhanced RCF facility
of GBP220m
Nick Beighton, CEO, commented:
"Group sales over the period increased by 13% and retail gross
margin improved by 40bps. We continued to outperform in the UK with
sales growth of 14%. Sales in Europe were up 12%, although France
and Germany, our two largest markets, continue to be
challenging.
Our US performance was behind our plans during the period. As
our Atlanta warehouse went fully online, demand far exceeded our
expectations. Whilst very encouraging for the longer term, this
caused a significant short-term despatch back log which we have now
cleared. These delayed shipments will be recognised in P3 and US
trading is now regaining momentum. Our ROW segment returned to good
growth of 20% after a disappointing Q1.
Our retail gross margin guidance for the year remains. We will
be increasing investment in price and marketing in the second half,
particularly in France and Germany. Given the actions we are taking
together with an improving US performance, we believe the Group
will deliver stronger growth in the second half. Consequently we
remain confident that we will meet guidance for the full year."
ASOS will announce interim results on 10 April 2019.
(4) Defined as having shopped in the last twelve months as at 28
February, (5) Calculated as last twelve months' total orders
divided by active customers
Investor and Analyst conference call:
ASOS will be hosting a conference call for analysts and
investors at 7.30am (UK Time) today. Please dial 0800 376 7922
within the UK, or +44 207 192 8000 if outside the UK. The
conference call ID is: 1196177. Participants should dial in 15
minutes early to avoid any delay in joining the call.
A recording of this conference call will be available on the
ASOS Plc investor centre website later today:
http://www.asosplc.com/investors.aspx
For further information:
ASOS plc Tel: 020 7756 1000
Nick Beighton, Chief Executive Officer
Greg Feehely, Director of Investor Relations
Alison Lygo, Investor Relations
Website: www.asosplc.com/investors
Instinctif Partners Tel: 020 7457 2020
Matthew Smallwood / Justine Warren / Tom
Berger
JPMorgan Cazenove Tel: 020 7742 4000
Michael Wentworth-Stanley / Bill Hutchings
/ Caroline Thomlinson
Numis Securities Tel: 020 7260 1000
Alex Ham / Luke Bordewich / Tom Ballard
Forward looking statements:
This announcement may include statements that are, or may be
deemed to be, "forward-looking statements" (including words such as
"believe", "expect", "estimate", "intend", "anticipate" and words
of similar meaning). By their nature, forward-looking statements
involve risk and uncertainty since they relate to future events and
circumstances, and actual results may, and often do, differ
materially from any forward-looking statements. Any forward-looking
statements in this announcement reflect management's view with
respect to future events as at the date of this announcement. Save
as required by applicable law, the Company undertakes no obligation
to publicly revise any forward-looking statements in this
announcement, whether following any change in its expectations or
to reflect events or circumstances after the date of this
announcement.
Background note:
ASOS is a global fashion destination for 20-somethings, selling
all the freshest styles complemented by exclusive content, making
ASOS.com the hub of a thriving fashion community and giving our
audience the confidence to be whoever they want to be. ASOS sells
over 85,000 branded and ASOS Brand products through localised app
and mobile/desktop web experiences, delivering from fulfilment
centres in the UK, US and Europe. ASOS curates a mix of our
in-house designed labels, ASOS DESIGN, ASOS EDITION, ASOS WHITE and
ASOS 4505, with global and local brands sold through our own
channels to deliver a locally relevant offer. Our ground-breaking
propositions help bring our amazing products to almost every
country in the world and we serve customers globally with
increasingly tailored local experiences: relevant languages,
payment methods and delivery and return options. You can currently
shop ASOS in over 200 markets, in eight languages, using an ever
greater number of different payment methods, with hundreds of local
deliveries and returns options from pick up and drop off networks
to Next-Day Delivery. We aim to give all our global customers a
truly frictionless experience.
ASOS's websites attracted 171.6 million visits during February
2019 (February 2018(1) : 148.0 million) and as at 28 February 2019
it had 19.2 million active customers(2) (28 February 2018: 16.5
million), of which 6.2 million were located in the UK and 13.0
million were located in our international territories (28 February
2018: 5.5 million in the UK and 11.0 million internationally).
(1) Restated visits, previously reported number 156.9 million,
(2) Defined as having shopped in the last twelve months as at 28
February
Appendix 1 - Retail sales growth by period in sterling
Year ending 31 August 2019
2018/19
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% YTD YOY%
----- ----- ----- ----- --------
UK retail sales 237.1 19% 244.4 14% 481.5 16%
EU retail sales 203.8 18% 198.4 12% 402.2 15%
US retail sales 85.0 13% 76.6 4% 161.6 8%
ROW retail sales 114.1 (3%) 121.9 20% 236.0 8%
International
retail sales 402.9 11% 396.9 13% 799.8 12%
----- ---- ----- ---- ----- ---- ----- ---- -------- ----
Total retail sales 640.0 13% 641.3 13% 1,281.3 13%
----- ---- ----- ---- ----- ---- ----- ---- -------- ----
Year ended 31 August 2018
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% 2017/18 YOY%
----- ----- ----- ----- --------
UK retail sales 199.6 214.9 288.0 23% 158.8 29% 861.3 23%
EU retail sales 172.1 177.0 257.4 31% 132.6 34% 739.1 36%
US retail sales 75.2 73.8 108.1 15% 54.5 27% 311.6 19%
ROW retail sales 117.3 101.4 149.2 11% 75.3 20% 443.2 19%
International
retail sales 364.6 352.2 514.7 21% 262.4 28% 1,493.9 27%
----- ---- ----- ---- ----- ---- ----- ---- -------- ----
Total retail sales 564.2 567.1 802.7 22% 421.2 29% 2,355.2 26%
----- ---- ----- ---- ----- ---- ----- ---- -------- ----
(1) Periods are as follows:
P1: three months to 30 November
P2: three months to 28 February
P3: four months to 30 June
P4: two months to 31 August
Appendix 2 - Retail sales growth by period at constant
currency
Year ending 31 August 2019
2018/19
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% YTD YOY%
----- ----- ----- ----- --------
UK retail sales 237.1 19% 244.4 14% 481.5 16%
EU retail sales 203.8 14% 198.4 8% 402.2 10%
US retail sales 85.0 11% 76.6 (3%) 161.6 4%
ROW retail sales 114.1 (2%) 121.9 21% 236.0 9%
International
retail sales 402.9 9% 396.9 9% 799.8 9%
----- ---- ----- ---- ----- ---- ----- ---- -------- ----
Total retail sales 640.0 12% 641.3 11% 1,281.3 11%
----- ---- ----- ---- ----- ---- ----- ---- -------- ----
Year ended 31 August 2018
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% 2017/18 YOY%
----- ----- ----- ----- --------
UK retail sales 199.6 214.9 288.0 23% 158.8 29% 861.3 23%
EU retail sales 172.1 177.0 257.4 23% 132.6 24% 739.1 28%
US retail sales 75.2 73.8 108.1 22% 54.5 29% 311.6 25%
ROW retail sales 117.3 101.4 149.2 11% 75.3 18% 443.2 18%
International
retail sales 364.6 352.2 514.7 19% 262.4 23% 1,493.9 24%
----- ---- ----- ---- ----- ---- ----- ---- -------- ----
Total retail sales 564.2 567.1 802.7 21% 421.2 26% 2,355.2 24%
----- ---- ----- ---- ----- ---- ----- ---- -------- ----
(1) Periods are as follows:
P1: three months to 30 November
P2: three months to 28 February
P3: four months to 30 June
P4: two months to 31 August
This information is provided by RNS, the news service of the
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of this information may apply. For further information, please
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END
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