TIDMASC
RNS Number : 4628L
ASOS PLC
13 January 2021
13 January 2021
ASOS plc ("the Company")
Trading Statement for the four months ended 31 December 2020
ASOS delivers strong peak trading performance
ASOS today announces trading for the four months to 31(st)
December 2020 ("P1"). Revenue growth in the period surpassed our
expectations, driven by investment in product, pricing and
marketing and stronger than anticipated consumer demand for our
products. Our multi-brand model and strong execution enabled us to
capture available demand as consumers increasingly shopped
online.
Our performance in P1 also benefited from the resumption of
lower returns rates driven by renewed social restrictions in the
period. With restrictions likely to be in place for the balance of
the first half we expect a net COVID PBT benefit(1) of at least
GBP40m in H1.
Whilst our outlook for the balance of the year remains
unchanged, given the ongoing virus and the likely economic impact
on our core 20-something consumer, the strength of our performance
in P1 with the anticipated H1 COVID PBT benefit, means we now
expect FY21 PBT to be at the top end of current market
expectations(2) .
Four months to 31 December
Reported CCY(4)
GBPm(3) 2020 2019 Increase Increase
-------- -------- ---------- ----------
UK retail sales 554.1 408.9 36% 36%
EU retail sales 390.7 332.5 18% 18%
US retail sales 156.8 139.3 13% 17%
ROW retail sales 224.2 194.2 15% 20%
International retail
sales 771.7 666.0 16% 18%
-------- -------- ---------- ----------
Total retail sales 1,325.8 1,074.9 23% 24%
-------- -------- ---------- ----------
Total group revenue(5) 1,364.1 1,106.0 23% 24%
-------- -------- ---------- ----------
(1) Incremental COVID disruption costs, more than offset by cost
reduction from lower returns rates
(2) Company compiled PBT market expectations for FY21 as at
5(th) January 2021: Consensus: GBP141m, min: GBP115m, max:
GBP170m
(3) All numbers subject to rounding throughout this document,
(4) Co nstant currency is calculated to take account of hedged rate
movements on hedged sales and spot rate movements on unhedged
sales, (5) Includes retail sales, delivery receipts and third-party
revenues
P1 Results Summary
-- Group Sales up 23% supported by investment into capturing available demand and building customer momentum;
overall demand in the market, whilst suppressed, remained more resilient than our initial expectations
-- Active customer base increased 1.1m to 24.5m; good growth in new customers offsetting impact of existing
customers having fewer occasion-led reasons to shop
-- Gross margin -90bps reflecting continued 'lockdown' category product mix, investment into customer acquisition
and increased freight costs due to COVID disruption
-- Good agility shown through reshaping of product offer and investment to capture demand through period of
accelerated online channel shift
Territory Performance
-- Exceptional UK growth reflected strength of market position as well as restrictions on non-essential retail
stores through the peak period
-- Good growth in the EU despite demand constraints in markets where hospitality closed but stores remained open
-- Increased momentum in the US, supported by continued improvement of product offer
-- ROW trading accelerated, supported by good growth in Australia and the MENA region
Outlook
-- FY21 PBT likely to be at the top end of market expectations:
-- Stronger than anticipated P1 performance
-- H121 net COVID PBT benefit of at least GBP40m
-- Unchanged outlook for remainder of FY21
-- Brexit tariff costs of c.GBP15m in FY21 associated with country of origin rules
-- Automation of US fulfilment centre to begin this year and lease signed on 4th fulfilment centre in Lichfield, UK
-- FY21 capex guidance increased by GBP20m to around GBP190m reflecting investment into US automation
-- Strong net cash and balance sheet position despite H121 working capital unwind
Nick Beighton, CEO, commented:
"We are really pleased with the strong performance we have
delivered, which is testament to both the strength of our
multi-brand model and the hard work of our people. We have
continued to execute well and deliver for our customers, whilst
investing into growing our business and driving further efficiency
through a strong operational grip.
Looking forward, given the uncertainty associated with the virus
and the impact on customers' lives, our cautious outlook for the
second half of the year remains unchanged. However, the strength of
our performance gives us confidence in our continued progress
towards capturing the global opportunity ahead."
Investor and Analyst conference call:
ASOS will be hosting a webcast for analysts and investors at
8.30am (UK time) today. Please join via the link:
https://asosq1results.sparq.me.uk/live or dial +44 208 080 6591,
and use Meeting ID: 937 4777 7938 and passcode: 881003
A recording of this webcast 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 / Fay
Rajaratnam
JPMorgan Cazenove Tel: 020 7742 4000
Bill Hutchings / Christopher Wood
Numis Securities Tel: 020 7260 1000
Alex Ham / Jonathan Wilcox / Tom Jacob
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 Same-Day Delivery, dispatched from
state-of-the-art fulfilment centres in the UK, US and Germany.
ASOS's websites attracted 280.4 million visits during December
2020 (December 2019(1) : 233.8 million) and as at 31 December 2020
it had 24.5 million active customers(2) (31 December 2019: 21.7
million), of which 7.6 million were located in the UK and 16.9
million were located in our international territories (31 December
2019: 6.7 million in the UK and 15.0 million internationally).
(1) Restated visits, previously reported number 239.0 million,
(2) 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 2021
2020/21
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% YTD YOY%
------- ----- ----- ----- --------
UK retail sales 554.1 36% 554.1 36%
18
EU retail sales 390.7 18% 390.7 %
13 13
US retail sales 156.8 % 156.8 %
15 15
ROW retail sales 224.2 % 224.2 %
International
retail sales 771.7 16% 771.7 16%
------- ---- ----- ---- ----- ---- ----- ---- -------- ----
Total retail
sales 1,325.8 23% 1,325.8 23%
------- ---- ----- ---- ----- ---- ----- ---- -------- ----
Year ended 31 August 2020
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% 2019/20 YOY%
------- ----- ----- ----- --------
UK retail sales 408.9 18% 168.2 26% 329.2 (1%) 269.6 52% 1,175.9 18%
EU retail sales 332.5 21% 155.6 23% 328.0 22% 189.2 22% 1,005.3 22%
US retail sales 139.3 23% 63.3 32% 124.9 3% 74.4 28% 401.9 18%
ROW retail sales 194.2 23% 89.4 14% 201.2 19% 103.1 12% 587.9 18%
International
retail sales 666.0 22% 308.3 22% 654.1 17% 366.7 20% 1,995.1 20%
------- ---- ----- ---- ----- ---- ----- ---- -------- ----
Total retail sales 1,074.9 20% 476.5 23% 983.3 10% 636.3 32% 3,171.0 19%
------- ---- ----- ---- ----- ---- ----- ---- -------- ----
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%
----- ---- ----- ---- ----- ---- ----- ---- -------- ----
(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 2021
2020/21
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% YTD YOY%
------- ----- ----- ----- --------
UK retail sales 554.1 36% 554.1 36%
18
EU retail sales 390.7 18% 390.7 %
17
US retail sales 156.8 17% 156.8 %
ROW retail sales 224.2 20% 224.2 20%
International
retail sales 771.7 18% 771.7 18%
------- ---- ----- ---- ----- ---- ----- ---- -------- ------
Total retail
sales 1,325.8 24% 1,325.8 24%
------- ---- ----- ---- ----- ---- ----- ---- -------- ------
Year ended 31 August 2020
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% 2019/20 YOY%
------- ----- ----- ----- --------
UK retail sales 408.9 18% 168.2 26% 329.2 (1%) 269.6 52% 1,175.9 18%
EU retail sales 332.5 22% 155.6 24% 328.0 20% 189.2 22% 1,005.3 22%
US retail sales 139.3 20% 63.3 33% 124.9 (2%) 74.4 28% 401.9 16%
ROW retail sales 194.2 23% 89.4 14% 201.2 18% 103.1 15% 587.9 18%
International
retail sales 666.0 22% 308.3 23% 654.1 15% 366.7 21% 1,995.1 19%
------- ---- ----- ---- ----- ---- ----- ---- -------- ----
Total retail sales 1,074.9 20% 476.5 23% 983.3 9% 636.3 32% 3,171.0 19%
------- ---- ----- ---- ----- ---- ----- ---- -------- ----
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%
----- ---- ----- ---- ----- ---- ----- ---- --------- ----
(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
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