Asos: confirms FY2024 sales forecasts

(CercleFinance.com) - H1 2024 sales fell by 18% to £1,497.
5m (vs. £1,838.5m in H1 2023).

Asos recorded a y-o-y improvement of around £240m in H1 FCF.

Management underlines its progress on the inventory reduction plan with £593m in H1 (against a FY 2024 target of around £600m).

It posted a H1 adjusted EBITDA loss of £16.3m (compared with a gain of £4.6m in H1 2023) - its adjusted loss before tax was £120m.

Asos confirms its forecasts of a 5%-15% decline in sales in FY 2024, positive adjusted EBITDA and cash generation. EBITDA for FY 2025 should be significantly higher than in FY 2023 and FY 2024.

It expects to return to growth in FY 2024/2025, with its operating margin returning to pre-Covid crisis levels.


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