Member Info for FED1

I have no issue with Umar leading PLT but £2m a year and not disclosed!

If this is true, then this is disgraceful.

It is conceivable that Carol has left a buy instruction with a broker to execute at their discretion, or pre-determined buy dates. I’ve seen this with US executives buying stocks during closed periods. I think they have to disclose this though. We can only assume no known material info will be released for next month.

Bfd,

I have to agree, probably March now for Capital Markets Day. It will then have 30 day closed period before 1H results.

I take Kane’s insider buying as a good sign of implied operational performance.

However, I was also expecting the BoD to announce some material information in near future in regards to credible plan?

I think we are probably looking at February or March now for capital markets day. Unless nothing material is announced.

Did someone say that we were expected an investor event before month-end?

Mgmt said in the 18 Oct business update that it was reviewing options to unlock value.

On 11 Sept it said it was in advanced talks with major US brands regarding the distribution of some of its brands.

I hope they pull something out the hat!

Mgmt has dropped the term credible plan. It also stop saying “release value” which was a clearer code for a corporate action of some sort.

The RNS stated three times that they want to get on with creating /maximising value for all shareholders.

This seems somewhat watered down. Could suggest that Capital Markets Day will be damp squib with lots of mgmt consultant jargon: “asset light”, “digital”, “AI”, “marketplace business model”

Hi All,

If anyone is going to the EGM tomorrow, then many of us on here would be grateful for any insights!

Thanks

FED

I just read the guidance again regarding sales:

" Revenue in line with consensus range [-9% to +6%] for FY25, with a continuation of current revenue trends for 1H"

The two important markets for Asos are UK and EU which make up £2bn in revenues. The FY24 LfL was -12 and -13%. For the UK region, it said H1 FY24 was similar to H2 FY24 although they did note an improvement in revenue trends in Q4 FY24.

Following the results, the consensus revenue range changed to -8.4% to -0.8% with -4.9% being the average of analyst estimates.

https://www.asosplc.com/investor-relations/analyst-consensus-estimates/

I would note that H1 is 63% of revenues but I think analyst models have the following assumptions:

H1 FY25: -ve high single digit revenue growth (Like-for-like)

H2 FY25: -ve low single digit revenue growth to flat (Like-for-like)

Full Year FY25: -ve mid single digit revenue growth (Like-for-Like)

Let's hope management can smash H1 revenue expectations! Although we also have to factor in TopShop.

To clarify KBYK,

I was talking about fiscal year 2025 q4, not calendar year 2024.

Just stating what guidance and consensus are expecting. Continued negative growth for the full year, but improving trends with a return to growth by the final quarter of fiscal year 2025.

If mgmt beats expectations, then this will fly. I hope those retail sales figure translate into ASOS sales figures!

They reaffirmed guidance in last RNS so I suspect that’s our trading update.

Guidance for sales was inline with consensus estimates which was previously -9% to +6%. I checked latest consensus guidance on ASOS website and it was -9% to 0%. The consensus mean sales growth for fiscal year was -5%.

I think they previously said a return to growth during fiscal year which suggest we may get a quarter of positive sales growth in 4Q.

Didn’t Zeus also oversee second PLT transaction?

Im confused. I thought we were expecting a trading update in early January? However, a director has just bought shares in what would be a prohibited period?

Has anyone asked IR?

Whilst I am unhappy with the BoD regarding the operational mess at Boo (Dan excluding off course), I am somewhat hopeful of Kane's purchase this morning. She is an insider and it would be illogical to buy if the next trading update was going to be a disaster - or credible plan was not good.

The fact she did buy though does suggest that we should not expect any material announcement soon as it would be insider trading.

I reckon we get ISS's recommendation on Friday.

I have wondered whether Debs should take Karen Millen and Labels and be spun off. However, the profitability of Debs is not enough to support a second listed entity.

At the same time, there are too many brands/formats for one mgmt team. We all know that Boo and PLT are what really matters now, but there doesn’t seem to be a strategy.

At least Calamonte at ASOS is focused.

I hope you are right and this is a genuine mothball. I was of the view that this was an euphemism to a write-down as they over expanded capacity. At least Boo were upfront about it.

I would be pleased if they can reopen it within a couple years. However, keeping it empty for a prolonged period to safe face would not go down well.

Bfd,

I am also wondering if Boo should consolidate its portfolio. Im not sure if is getting shareholder value for the following:

Dorothy Perkins

Coast

Wallis

Burtons

MisPap

Oasis

Revolution Beauty

NastyGal

I do not want mgmt to simply offload them at a firesale price. However, they need to tell us in a Capital Markets Day what the strategy is.

It seems odd that a large speculative DC centre in the same industrial estate as ASOS can get an offer for a let within one month.

However, ASOS which has state of the art technology and is supposedly mothballed from last Easter still sits empty? The fact that SHEIN said it wanted a 400k sq ft DC centre which was plug and play with the technology is available. Maybe we can expect one more corporate action?

I would probably say that Kamani has a 50% hit rate when it comes to capital allocation.

His most value-added was Debs (or arguably the first PLT acquisition in 2017?). The most value destructive was the 2020 PLT acquisition where he effectively valued the whole business at £1bn. AS it stands, they probably net each other off if they were given market valuations today.

To really unleash the share price, they need to get PLT and Boohoo back to growth.

We never heard anymore about Shein’s UK warehouse either.

https://www.logisticsmatters.co.uk/Fashion-giant-seeks-UK-warehouses

Does anyone have any insight on what’s happening with the Lichfield warehouse. I thought they were going to try and sublet it?

I see another large unit was marketed in November and is now under offer. I can’t seem to find any listing for the ASOS 437,000 sq ft site.

https://propertylink.estatesgazette.com/property-details/6940979?INTCMP=target-property-card-experience-a