The company said the period saw the launch of a “more compelling Premier offer in key international territories” and its guidance for the year is unchanged with revenue growth of 10%-15% and adjusted pre-tax profit between £110 million and £140 million.

Interestingly, the AIM-listed business also announced its intention to move to the London Stock Exchange’s Main Market by end of February.

THE NUMBERS

So, what were the figures for the last four months? Total

The total sales figure divided down as a 13% rise in the UK to £645.2 million, “supported by strong peak performance and demand for going out wear”. 

It saw a 7% reported rise (11% CCY) in the US to £172.6 million, despite significant port congestion and supply chain disruption denting its ability to fully meet demand. 

But — like rival Boohoo

Supply chain constraints were an issue globally, while market demand “remained volatile” due to Covid caseloads across the UK, Europe, and the US.

The gross margin fell by 400 bps to 43.% driven by extra markdowns to shift SS21 stock, and by higher freight costs to get round supply chain constraints and maximise peak trading. But trends are “expected to improve across the remainder of the year”.

ASOS also said low-to-mid-single-digit price increases are being applied to mitigate cost inflation across both its own and partner brands.

Meanwhile, the returns rate has normalised in line with expectations.

The firm’s active customer base increased by 0.3 million customers to 26.7 million in the period, albeit this was a slowdown as it cycled a period of exceptional customer acquisition in the previous financial year.

The company has plenty of plans to boost business from here and said that following a successful pilot of the Partner Fulfils programme with AdidasReebok

It’s also upbeat about the Arcadia

And its deal with NordstromCurve

MOVE TO MAIN MARKET

So finally, what about that move to the London Stock Exchange’s Main Market? It’s big deal for the firm as it has been listed on less-heavily-regulated AIM since its original stock market debut.

The Main Market is home to the biggest, well-established businesses and the company said its directors believe that given its “size and scale, now is the appropriate time to move from AIM to a premium Main Market listing. The company has demonstrated a proven track record, built a broad shareholder base, and has adopted, applied and reported against the UK Corporate Governance Code for several years. The directors consider admission would further enhance the company’s corporate profile and recognition, as well as extending the opportunity to own the company’s ordinary shares to a broader group of global institutional shareholders”.