Member Info for FED1

Https://www.proactiveinvestors.com/companies/news/1094773/asos-jumps-on-profit-and-debt-boost-expected-from-atlanta-warehouse-sale-1094773.html

Read the Editor's note to the journalist near the bottom of article!

2.95......

2.957....

2.96.....

Come on Asos! She gonnae do it! Just a wee bit more!

Agree Reardon. Action on this matter is still too slow.

Potentially the issue may be with Customs.

Shein has already seen its sales fall in US due to scrapping of deminimus and other import tariffs.

Personally, I find Temu the most annoying website. Just want to buy something for a good price yet I am bombarded with the three cup game and complex promotions.

I would love Burnham and his new Chancellor to bring this forward again to 2027!

The CFO should be doing an earnings call so he can explain cash flow dynamics and help put out a thesis for a rerating. He seems to have been sidelined from communicating with shareholders and analysts. Not sure what their investor PR comms are doing but a BBC podcast does not hit my required threshold.

I think cash flow will be key to a berating. If it can convert 60-70% of adjusted EBITDA into unlevered FCF, then it could be getting to £40-50m in 1-2yrs. This would support a £500m equity valuation.

The full year results said that the marketplace model has positive working capital and we seem to have lean inventories now. It be interesting to see FCF at 1H27 as usually this is negative as it builds inventory for golden quarter.

Be interesting to see how Ashley votes.

Im encouraged that Annual Report and AGM are happening in a more timely manner this year. Im a bit peeved that mgmt decided not to hold earnings call.

Level5,

It was interesting to hear Dan wax lyrical about what Debs meant to him and his family growing up. An experience many of us share. Fact is, he doesn't have the capital or real estate to bring back the concept we all have nostalgia for. Frasers does. No doubt in a few years the public may get a flagship store if the marketplace concept gains critical mass, similar to what Asos is trying to do with TopShop. I doubt I be invested at this point. Crashaw's post earlier on EV/EBITDA valuation was very sobering!

BfD,

To be honest, I am more pleased with the strong GMV guidance.

Ultimately, Dan needs to run this company like a a main board listing if he wants to increase institutional share base. That includes a proper earnings call where analysts have Q&A and all stakeholders can listen. Even Elon Musk occasionally turns up for his earnings call. This should be made available to plebs in real-time as this is material market information. I couldnt watch the first two minutes of that video which was all fluff. They seemed to have realised the CFO lacks the media skills. To be fair to him, he probably be okay in a more conventional earnings call.

Let's hope we get an RNS about Burnley over summer and a trading update hitting guidance in September.

Are we even going to get an earnings call?

I think Dan is a good custodian of Debenhams. I have concerns about his leadership of Youth Brands.

Are you forecasting again Percy?

I just watched the presentation on the website. Can someone help explain the quarterly GMV growth numbers on slide (8.07 minutes?).

https://www.debenhamsgroup.com/files/2026-06/debenhams-group-fy26-results.mp4

GMV Growth Rates

Q1 26: -30.7%

Q2 26: -23.9%

Q3 26: -15.9%

Q4 26: -12.8%

However, in its H1 26 report, it said H1 GMV post returns was -23% (how?)

And in its recent trading update, it said "The final quarter of 2026 continued to see material improvements in the Group's GMV trend, delivering three consecutive quarters of GMV decline improvement, exiting February -5% below last year".

To me, the above is saying the final quarter ending February was -5%; not month of February GMV is -5%? (huh?)

I concede Percy, I do not understand these numbers.

I think Dan has put his head above the parapet saying "the Group expects Group GMV to return to year-on-year growth in FY27."

There was also "double digit improvement" in Adjusted EBITDA, net debt falling below 1x Adjusted EBITDA, and "sustained Free Cash Flow" generation" in FY27.

We cannot sugar coat FY26 results, but I be interested to see the next trading update for H1 at the end of Summer. Admittedly, I originally invested in this because Lyttle said the GMV decline was a COVID hangover and that Sheffield Automation and US Distribution Centre were going to be gamechangers! Here I am several years later.

If I was to find the positive in the results, it is that GMV outlook statement for FY27 is positive and the most robust it has ever been for a long time. If it can deliver on growth in top line as guided then this is excellent news.

I do wonder if they big bath FY26 to provide easy comps for FY27. Hopefully this draws a line under the decline.

Percy,

I was going to be magnaimous but you couldn't help yourself with your jibe about estimating numbers.

I said we should prepare for negative double digit GMV and negative FCF. I used mathematics to triangulate the range. The actual GMV was at the bottom end of the possible range indicating that 3Q was a disaster for GMV.

You shouted me down saying I was posting crap. You have a limited understanding of equity analysis and are a moron.

Rejoice in Dan

DYOR

Is it just me, or does everyone read Roberto's posts in the voice of Scotty from the old Star Trek.

He talks about the share price like it is the Enterprise.

"She cannae take anymore, Cap'n!"

Literally been reading all Roberto's post with a thick Scottish accent.

As of its last annual report, Frasers has £3.1bn in undrawn RCF.

Correction: not a tender offer, but a bid.

Tender offers are for building stakes below 30%.

Hexam, i concede to having limited expertise on Takeover Code, but my interpretation is that if Frasers does submit a tender offer for all shares (much like he has being doing) then it has to be conditional on him gaining 50% voting rights.

It is unlikely that Kamani or Camelot would sell for an opportunistic bid. However, PIs may be more agreeable. In order to get half of free flat though to be successful, then it needs a decent premium.

Frasers cannot simply tender at 35p and take it's shareholding to, say 37%. That is not allowed.

This is my understanding of the 50% Acceptance Rule for takeover bids.

That wasnt exactly my point SCB. I would happily take Fraser scrip for my shares.

In a scenario where Ashley owns 50%, my concern for minorities would be tactics that he could potentially use to coerce Kamani to sell. So Frasers could own 100% of Debs group. Ashley would no doubt want to bring Debs back to high street but wouldn't want Kamani profiting from that strategy. No doubt there be 10% equity issuances every year.

Verizon refused to pay dividends to Vodafone to force them to eventually sell. I suspect Ashley would also employ hostile tactics if he owned 51% and wanted Kamani out.