TIDMASC
RNS Number : 6509A
ASOS PLC
23 January 2020
23 January 2020
ASOS plc ("the Company")
Trading Statement for the four months ended 31 December 2019
ASOS delivers an encouraging start to the year
ASOS today announces trading for the four months to 31(st)
December 2019. Our focus through the period was on restoring
consistent operational execution and rebuilding customer momentum.
Our progress is evident in both our KPIs and sales growth with
retail sales +20% and a good performance across all regions.
Four months to 31 December
Reported
GBPm(1) 2019 2018 Increase CCY(2) Increase
-------- ------ ---------- ----------------
UK retail sales 408.9 347.8 18% 18%
EU retail sales 332.5 275.9 21% 22%
US retail sales 139.3 113.5 23% 20%
ROW retail sales 194.2 157.8 23% 23%
International retail
sales 666.0 547.2 22% 22%
-------- ------ ---------- ----------------
Total retail sales 1,074.9 895.0 20% 20%
-------- ------ ---------- ----------------
Total group revenue(3) 1,106.0 917.9 20% 20%
-------- ------ ---------- ----------------
(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
Results Summary:
-- Group Revenue up 20% to GBP1,106m with a good performance across all regions, reflecting a record Black Friday
and strong customer engagement activity throughout the period
-- Total orders up 20% to 27.7m supported by robust operational performance through peak period at all our
distribution centres
-- Strong customer momentum: visits +23% YoY and 1.4m increase in active customers during period
-- Gross margin -170bps reflecting US duty and investment in customer acquisition as planned
-- Good initial progress made against our FY20 priorities
-- On track with our plans for FY20, outlook remains unchanged
The actions we took to rebuild customer momentum during the peak
trading period delivered a better than expected sales performance
largely driven by the Black Friday weekend. We made good progress
against the clear priorities we set out for FY20 including
improvements in product choice and stock availability; presentation
and social media engagement; and optimising customer acquisition
and reactivation. These actions alongside our increased capacity
and more robust operational footprint ensured we were able to
participate fully in this key period for customer acquisition. Our
activity clearly resonated with consumers and as a result we saw
the benefits when compared with the prior year in sales growth,
customer acquisition and total active customers.
However, there is still much work to be done to capitalise on
this encouraging start as we begin to cycle the improvements we
made in the prior year in terms of presentation and customer
engagement. Our plans and outlook for the year therefore remain
unchanged as we continue to focus on the actions required to
support our long-term growth and the retention of those customers
we have recently acquired.
Nick Beighton, CEO, commented:
"ASOS has delivered an encouraging start to the year. Strong
customer acquisition activity supported by robust operational
performance has driven good momentum in all our markets. As we said
in October, the focus for this year is to further enhance our
capabilities and leverage the investments we have made. It is still
early in the year and much remains to be done, but we are
encouraged by the progress we have made so far. We remain confident
in our ability to capture the substantial opportunity ahead of
us."
Investor and Analyst conference call:
ASOS will be hosting a conference call for analysts and
investors at 8.30am (UK time) today. Please dial
020 3936 2999 within the UK, or +44 20 3936 2999 if outside the
UK. Alternatively join via web at www.incommuk.com/clients/online.
The conference call ID is: 220646. 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
Mathew Dunn, Chief Financial Officer
Alison Lygo, Investor Relations
Website: www.asosplc.com/investors
Headland Consultancy Tel: 020 3805 4822
Susanna Voyle / Stephen Malthouse / Lindsay
Dunford
JPMorgan Cazenove Tel: 020 7742 4000
Michael Wentworth-Stanley / Bill Hutchings
/ Christopher Wood
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 an online retailer for fashion-loving 20-somethings
around the world, with a purpose to give its customers the
confidence to be whoever they want to be. Through its
market-leading app and mobile/desktop web experience, available in
ten languages and in over 200 markets, ASOS customers can shop a
curated edit of 85,000 products, sourced from 850 of the best
global and local third-party brands and its mix of fashion-led
in-house labels - ASOS Design, ASOS Edition, ASOS 4505 and
Collusion. ASOS aims to give all of its customers a truly
frictionless experience, with an ever-greater number of different
payment methods and hundreds of local deliveries and returns
options, including Next-Day and SameDay Delivery, dispatched from
state-of-the-art fulfilment centres in the UK, US and Germany.
ASOS's websites attracted 239.0 million visits during December
2019 (December 2018: 188.4 million) and as at 31 December 2019 it
had 21.7 million active customers(1) (31 December 2018: 18.9
million), of which 6.7 million were located in the UK and 15.0
million were located in our international territories (31 December
2018: 6.1 million in the UK and 12.8 million internationally).
(1) Defined as having shopped in the last twelve months as at 31
December
Appendix 1 - Retail sales growth by period in sterling
Year ending 31 August 2020
2019/20
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% YTD YOY%
------- ----- ----- ----- --------
UK retail sales 408.9 18% 408.9 18%
EU retail sales 332.5 21% 332.5 21%
US retail sales 139.3 23% 139.3 23%
ROW retail sales 194.2 23% 194.2 23%
International
retail sales 666.0 22% 666.0 22%
------- ---- ----- ---- ----- ---- ----- ---- -------- ----
Total retail sales 1,074.9 20% 1,074.9 20%
------- ---- ----- ---- ----- ---- ----- ---- -------- ----
Year ended 31 August 2019
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% 2018/19 YOY%
----- ----- ----- ----- --------
UK retail sales 347.8 16% 133.7 18% 334.1 16% 177.8 12% 993.4 15%
EU retail sales 275.9 17% 126.3 11% 269.0 5% 154.5 17% 825.7 12%
US retail sales 113.5 11% 48.1 3% 121.4 12% 58.2 7% 341.2 9%
ROW retail sales 157.8 4% 78.2 17% 169.5 14% 91.9 22% 497.4 12%
International
retail sales 547.2 12% 252.6 11% 559.9 9% 304.6 16% 1,664.3 11%
----- ---- ----- ---- ----- ---- ----- ---- -------- ----
Total retail sales 895.0 13% 386.3 13% 894.0 11% 482.4 15% 2,657.7 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 300.9 23% 113.6 17% 288.0 23% 158.8 29% 861.3 23%
EU retail sales 235.2 42% 113.9 37% 257.4 31% 132.6 34% 739.1 36%
US retail sales 102.4 24% 46.6 12% 108.1 15% 54.5 27% 311.6 19%
ROW retail sales 151.9 34% 66.8 8% 149.2 11% 75.3 20% 443.2 19%
International
retail sales 489.5 35% 227.3 22% 514.7 21% 262.4 28% 1,493.9 27%
----- ---- ----- ---- ----- ---- ----- ---- --------- ----
Total retail sales 790.4 30% 340.9 20% 802.7 22% 421.2 29% 2,355.2 26%
----- ---- ----- ---- ----- ---- ----- ---- --------- ----
(1) Periods are as follows:
P1: four months to 31 December
P2: two months to 28/29 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 2020
2019/20
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% YTD YOY%
------- ----- ----- ----- --------
UK retail sales 408.9 18% 408.9 18%
EU retail sales 332.5 22% 332.5 22%
US retail sales 139.3 20% 139.3 20%
ROW retail sales 194.2 23% 194.2 23%
International
retail sales 666.0 22% 666.0 22%
------- ---- ----- ---- ----- ---- ----- ---- -------- ----
Total retail sales 1,074.9 20% 1,074.9 20%
------- ---- ----- ---- ----- ---- ----- ---- -------- ----
Year ended 31 August 2019
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% 2018/19 YOY%
----- ----- ----- ----- --------
UK retail sales 347.8 16% 133.7 18% 334.1 16% 177.8 12% 993.4 15%
EU retail sales 275.9 13% 126.3 7% 269.0 3% 154.5 16% 825.7 9%
US retail sales 113.5 8% 48.1 (4%) 121.4 6% 58.2 2% 341.2 4%
ROW retail sales 157.8 5% 78.2 18% 169.5 16% 91.9 24% 497.4 14%
International
retail sales 547.2 9% 252.6 8% 559.9 8% 304.6 15% 1,664.3 10%
----- ---- ----- ---- ----- ---- ----- ---- -------- ----
Total retail sales 895.0 12% 386.3 11% 894.0 11% 482.4 14% 2,657.7 12%
----- ---- ----- ---- ----- ---- ----- ---- -------- ----
Year ended 31 August 2018
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% 2017/18 YOY%
----- ----- ----- ----- ---------
UK retail sales 300.9 23% 113.6 17% 288.0 23% 158.8 29% 861.3 23%
EU retail sales 235.2 34% 113.9 29% 257.4 23% 132.6 24% 739.1 28%
US retail sales 102.4 28% 46.6 23% 108.1 22% 54.5 29% 311.6 25%
ROW retail sales 151.9 32% 66.8 7% 149.2 11% 75.3 18% 443.2 18%
International
retail sales 489.5 32% 227.3 20% 514.7 19% 262.4 23% 1,493.9 24%
----- ---- ----- ---- ----- ---- ----- ---- --------- ----
Total retail sales 790.4 28% 340.9 19% 802.7 21% 421.2 26% 2,355.2 24%
----- ---- ----- ---- ----- ---- ----- ---- --------- ----
(1) Periods are as follows:
P1: four months to 31 December
P2: two months to 28/29 February
P3: four months to 30 June
P4: two months to 31 August
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
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END
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