TIDMASC
RNS Number : 2895F
ASOS PLC
15 July 2021
15 July 2021
ASOS plc ("the Company")
Trading Statement for the four months ended 30 June 2021
ASOS delivers another strong trading performance against
backdrop of increased volatility
ASOS today announces trading for the four months to 30 June 2021
("P3"). Revenue growth in the period was strong, against a backdrop
of continued restrictions on consumers, volatile demand and
increased global supply chain pressures. This performance reflects
continued progress against our strategic priorities and strong
growth in our customer base.
Trading in the last three weeks of the period was more muted, as
continued COVID uncertainty and inclement weather, particularly in
the UK, impacted market demand. We anticipate a measure of
volatility to continue in the near term, given the rapidly evolving
COVID situation worldwide. As a result, we expect our underlying P4
growth rate to be broadly in line with the prior year comparable
period. We expect overall full year adjusted PBT to be in line with
our expectations.
The global opportunity for ASOS to grow in our targeted markets
is greater than ever. We are continuing to confidently invest
across our unique ASOS Brands, our ASOS Platform and our ASOS
Experience, powered by our ASOSers, technology and global
warehousing capabilities.
Four months to 30 June Four months to 30 June
Reported Underlying (adjusted for
prior year returns provision)(3)
CCY(2) CCY(2)
GBPm(1) 2021 2020 Increase Increase 2021 2020 Increase Increase
-------- -------- --------- ---------- -------- -------- --------- ----------
UK retail sales 526.4 329.2 60% 60% 526.4 387.4 36% 36%
EU retail
sales 388.3 328.0 18% 20% 388.3 340.5 14% 15%
US retail
sales 144.8 124.9 16% 31% 144.8 135.7 7% 20%
ROW retail
sales 182.6 201.2 (9%) (2%) 182.6 203.6 (10%) (3%)
International
retail sales 715.7 654.1 9% 15% 715.7 679.8 5% 11%
-------- -------- --------- ---------- -------- -------- --------- ----------
Total retail
sales 1,242.1 983.3 26% 30% 1,242.1 1,067.2 16% 20%
-------- -------- --------- ---------- -------- -------- --------- ----------
Total group
revenue(4) 1,286.4 1,014.2 27% 31% 1,286.4 1,098.1 17% 21%
-------- -------- --------- ---------- -------- -------- --------- ----------
(1) All numbers subject to rounding throughout this document.
Any reference to total or retail sales throughout the document is
on a constant currency basis
(2) Co nstant currency is calculated to take account of hedged
rate movements on hedged sales and spot rate movements on unhedged
sales
(3) Adjusted comparatives to reflect the underlying sales
performance for prior year returns provision phasing
(4) Includes retail sales, delivery receipts, wholesale revenue
and third-party revenues
P3 Results Summary
-- Results are quoted on an underlying constant currency basis with comparatives adjusted for the prior year returns
provision phasing
-- Group Sales up 21% supported by strong growth in the UK and an acceleration in demand in the US
-- Active customer base increased by 1.2m to 26.1m since HY21
-- Gross margin -150bps reflecting FX headwinds, elevated freight costs due to global supply chain disruption and
continued 'lockdown' category product mix
-- Product mix, and associated returns rates, have started to reflect a shift back into occasion wear in recent
weeks
-- Good flexibility displayed through the reshaping of product offer to meet unpredictable demand
-- Global supply chain pressures continue, driven by global freight capacity shortages and delivery delays coming
out of key areas of supply
-- New strategic partnership announced with US-based multi-channel retailer Nordstrom to drive growth in North
America; joint-venture through which Nordstrom will acquire a minority interest in the Topshop, Topman, Miss
Selfridge and HIIT brands; wider strategic partnership based around Nordstrom selling ASOS Brands, to build
greater awareness and engagement
-- Strong cash position and balance sheet
Territory Performance
-- Strong performance in the UK, with increased promotional activity to capture the available demand for our
compelling product offer, despite the re-opening of physical stores early in the period. The final weeks of June
saw a softening, due to the impact on consumer demand of continuing COVID uncertainty and unseasonal weather
-- Good growth in the EU, underpinned by particularly pleasing growth in Germany, despite various levels of COVID
restrictions remaining in place for much of the period. Southern-Europe performance was more challenging, with
tourism-related economic pressures disproportionately impacting 20-somethings' prospects. Our product offer and
customer experience continue to resonate with consumers despite Brexit-related challenges impacting on our supply
chain flexibility
-- Improvement in US growth rates reflecting improved stock offer, increased demand for going-out and occasion wear
product, the impact of stimulus cheques and the removal of many restrictions
-- ROW trading slowed, reflecting COVID-related disruptions to our delivery proposition in comparison to local
competition
Outlook
-- With the long-term opportunity greater than ever, we are continuing to invest to ensure we are well-positioned to
capture the global opportunity despite the significant short-term uncertainty
-- Convertible bond of GBP500m issued in April 21 with 0.75% coupon. This represents an interest charge of c.GBP6m
in FY21 and a further c.GBP17m for FY22
-- FY21 total capital expenditure expected to be c.GBP160m (excluding IFRS16 capitalised leases); investment
projects on track but reflect a more beneficial phasing between FY21 and FY22
-- P4 growth rate expected to be broadly in line with the prior year comparable period on an underlying constant
currency basis, with returns rates normalising at an increasing rate
-- Global supply chain environment pressures set to continue
-- Full year adjusted PBT (excluding Topshop brands acquisition and integration one-off costs and amortisation of
acquired intangible assets) expected to be in line with expectations (after adjusting for the convertible bond
interest charge)
Nick Beighton, CEO, commented:
"ASOS has delivered another strong performance against a
backdrop of continued social restrictions and global supply chain
pressures, and I would like to thank our ASOS team members for
their continued commitment, resilience, and enthusiasm through the
pandemic.
"Although mindful of the continued impacts of the pandemic on
our customers in the short term, we believe that the structure of
the global e-commerce fashion market has changed forever, which
will drive an increase in online fashion sales over the long term.
We're excited about the size of the prize ahead of us and the
opportunity of delivering on our ambition of being the number one
destination for fashion-loving 20-somethings."
Investor and Analyst conference call:
ASOS will be hosting a conference call for analysts and
investors at 8.00am (UK time) today. To access live please dial +44
20 3936 2999, and use passcode: 540330.
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
Taryn Rosekilly, Director of 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 / Mika Niskanen
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 over 85,000 products, sourced from a constantly
evolving mix of more than 850 of the best global and local
third-party brands and its range of fashion-led in-house labels -
ASOS Design, ASOS Edition, ASOS 4505 , ASOS Luxe, As You,
Collusion, Reclaimed Vintage, Topshop, Topman, Miss Selfridge and
HIIT. 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 Delivery and Same-Day Delivery, dispatched from
state-of-the-art fulfilment centres in the UK, US and Germany.
Appendix 1 - Reported 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% 246.3 46% 526.4 60% 1,326.8 46%
19
EU retail sales 390.7 18% 189.4 22% 388.3 18% 968.4 %
13 16 13
US retail sales 156.8 % 68.9 9 % 144.8 % 370 .5 %
15 (9
ROW retail sales 224.2 % 89.5 0 % 182.6 %) 496.3 2 %
International
retail sales 771.7 16% 347.8 13% 715.7 9% 1,835.2 13%
------- ---- ----- ---- ------- ---- ----- ---- -------- ----
Total retail
sales 1,325.8 23% 594.1 25% 1,242.1 26% 3,162.0 25%
------- ---- ----- ---- ------- ---- ----- ---- -------- ----
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 - Reported 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% 246.3 46% 526.4 60% 1,326.8 46%
19
EU retail sales 390.7 18% 189.4 20% 388.3 20% 968.4 %
14 31 21
US retail sales 156.8 17% 68.9 % 144.8 % 370 .5 %
(2
ROW retail sales 224.2 20% 89.5 9 % 182.6 %) 496.3 9%
International
retail sales 771.7 18% 347.8 16% 715.7 15% 1,835.2 16%
------- ---- ----- ---- ------- ---- ----- ---- -------- ------
Total retail
sales 1,325.8 24% 594.1 26% 1,242.1 30% 3,162.0 27%
------- ---- ----- ---- ------- ---- ----- ---- -------- ------
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
Appendix 3 - Underlying(1) retail sales growth by period at
constant currency
Year ending 31 August 2021
2020/21
GBPm P1(2) YOY% P2(2) YOY% P3(2) YOY% P4(2) YOY% YTD YOY%
------- ----- ------- ----- --------
UK retail sales 554.1 36% 246.3 46% 526.4 36% 1,326.8 38%
17
EU retail sales 390.7 18% 189.4 20% 388.3 15% 968.4 %
14 20 18
US retail sales 156.8 17% 68.9 % 144.8 % 370 .5 %
(3
ROW retail sales 224.2 20% 89.5 9 % 182.6 %) 496.3 8 %
International
retail sales 771.7 18% 347.8 16% 715.7 11% 1,835.2 15%
------- ---- ----- ---- ------- ---- ----- ---- -------- ------
Total retail
sales 1,325.8 24% 594.1 26% 1,242.1 20% 3,162.0 23%
------- ---- ----- ---- ------- ---- ----- ---- -------- ------
Year ended 31 August 2020
GBPm P1(2) YOY% P2(2) YOY% P3(2) YOY% P4(2) YOY% 2019/20 YOY%
------- ----- ------- ----- --------
UK retail sales 408.9 18% 168.2 26% 387.4 16% 211.4 19% 1,175.9 18%
EU retail sales 332.5 22% 155.6 24% 340.5 25% 176.7 14% 1,005.3 22%
US retail sales 139.3 20% 63.3 33% 135.7 7% 63.6 10% 401.9 16%
ROW retail sales 194.2 23% 89.4 14% 203.6 19% 100.7 12% 587.9 18%
International
retail sales 666.0 22% 308.3 23% 679.8 19% 341.0 13% 1,995.1 19%
------- ---- ----- ---- ------- ---- ----- ---- -------- ----
Total retail sales 1,074.9 20% 476.5 23% 1,067.2 18% 552.4 15% 3,171.0 19%
------- ---- ----- ---- ------- ---- ----- ---- -------- ----
Year ended 31 August 2019
GBPm P1(2) YOY% P2(2) YOY% P3(2) YOY% P4(2) 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) Adjusted comparatives to reflect the underlying sales
performance for prior year returns provision phasing
(2) 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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