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☆ ASOS fashion retailer says turnaround to bring back growth in 2025
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

Smartphone with ASOS app, a keyboard and a shopping cart are seen in front of a displayed ASOS logo in this illustration picture taken October 13, 2020. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 1 (Reuters) - British online fashion retailer ASOS (ASOS.L) forecast another year of falling sales in 2024 but said its turnaround plan was starting to take shape and growth would return the following year. Casting 2024 as a transition year, the group said that historic stock problems would continue to drag on sales and profitability during its current financial year, and it forecast sales declines of 5% to 15%. In its 2025 financial year, ASOS said it expected to return to growth with core earnings margin around pre-COVID levels. Calamonte is focused on reducing the amount of stock ASOS carries and refreshing ranges more quickly, while cutting costs and improving its cash position, and he said on Wednesday ASOS would focus on its core fashion offering in 2024.

Persons: Dado Ruvic, José Antonio Ramos Calamonte, ASOS, PwC, Sarah Young, William James, Tomasz Janowski Organizations: REUTERS, Thomson

☆ ASOS identifies cost savings after Christmas sales slide
▼ + stars: | 2023-01-12 | by ( Sarah Young | ) www.reuters.com time to read: +2 min

ASOS said sales in its biggest market of Britain fell 8% in the period, hurt by Christmas delivery problems and a tough comparison against last year when the pandemic favoured online shops. Liberum analysts called recent trading weak, adding there had been "progress on new strategy but we remain wary." Britain is in the midst of a cost-of-living crisis and ASOS blamed weak consumer sentiment for its UK sales fall but many other retailers, such as clothes chain Next (NXT.L), have managed to grow sales over Christmas, showing that ASOS is more challenged than others. Data from IMRG showed that online retail sales in the UK fell for the first time ever last year, down 10.5% year-on-year. In Europe, ASOS did better, growing sales more than 6% in the period.

☆ ASOS revenue down 3% in key Christmas period
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

Britain is in the midst of a cost-of-living crisis but rival retailers with physical shops such as Next outperformed ASOS in the period as consumers prioritised festive spending and chose to visit stores rather than worry about delivery issues. ASOS said UK sales were down 8% in the period which it blamed on weak consumer sentiment, earlier cut-off dates for Christmas deliveries due to the delivery problems and a tough comparison against last year when the pandemic favoured online. Britain's delivery network was hamstrung during the final months of 2022 by more than a dozen days of postal walk-outs. European sales grew 6% in the period. Reporting by Sarah Young; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ ASOS bonus tweak stores up longer-term woes
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

On Tuesday, the 653 million pound fast fashion retailer changed the targets for José Antonio Ramos Calamonte’s bonus next year. The portion of the up to 1.1 million pound payout linked to revenue growth will fall to 15% from 30%. Meanwhile the share linked to cash flow has been upgraded to 35%, and cost cuts will also be rewarded. With the years of rapid growth over, ASOS may look even more vulnerable to a takeover. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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