Last checked at 12 Jul 2016 07:00
12 July 2016
ASOS plc
Global Online Fashion Destination
Trading Statement for the four months ended 30 June 2016
| Four months to 30 June | Ten months to 30 June | ||||||
£m1 | 2016 | 2015 | Increase | CCY2 increase | 2016 | 2015 | Increase | CCY2 increase |
UK retail sales | 203.1 | 158.4 | 28% | 28% | 492.6 | 389.8 | 26% | 26% |
US retail sales | 68.3 | 44.5 | 53% | 45% | 145.1 | 99.0 | 47% | 39% |
EU retail sales | 139.5 | 105.8 | 32% | 22% | 307.4 | 242.1 | 27% | 27% |
ROW retail sales | 89.6 | 77.3 | 16% | 16% | 204.0 | 191.6 | 6% | 13% |
International retail sales | 297.4 | 227.6 | 31% | 25% | 656.5 | 532.7 | 23% | 24% |
Total retail sales | 500.5 | 386.0 | 30% | 26% | 1,149.1 | 922.5 | 25% | 25% |
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Total group revenue3 | 514.6 | 396.7 | 30% | 26% | 1,181.9 | 947.1 | 25% | 25% |
1All numbers subject to rounding
2On constant exchange rate basis
3Includes retail sales, delivery receipts and third party revenues
Four months to 30 June 2016 highlights
· Retail sales up 30% (CCY: +26%)
· International retail sales 59% of total, in line with last year
· Retail gross margin down c.180bps on prior year due to sale phasing and planned price investment
· 12 million active customers4 at 30 June 2016 (+24% year on year)
· Strong balance sheet position
· ASOS.cn ceased trading on 5 May 2016; operating losses and closure costs in line with guidance
4Defined as having shopped in the last twelve months
Nick Beighton, CEO, commented:
"I am pleased to report strong retail sales growth of 30% (+26% on constant currency basis) over the four months to 30 June 2016, underpinned by our continued price and proposition investments. UK growth remains strong at +28% and we have seen further acceleration across the US, EU and ROW segments; overall International retail sales increased by 31% (25% on constant currency basis).
As anticipated, our retail gross margin for the period is down c.180bps, approximately 40% of which (c.70bps) is due to moving our main sale forward one week into this financial period, with the balance as a result of continued price investment.
We now anticipate full year sales growth at the upper end of the 20-25% range. Our retail gross margin guidance of up to 50bps of investment remains unchanged and we remain confident in delivering current market PBT expectations for the year.
Given the increased momentum within the business combined with our strong financial position, we will maintain our successful programme of reinvestment to take advantage of the opportunities currently available to us.
We will release our results for the year to 31 August 2016 on 18 October."
Investor and Analyst conference call:
ASOS will be hosting a conference call for analysts and investors at 8:30am (UK Time) today. Please call Guy Scarborough at Instinctif Partners for dial-in details on 020 7457 2047 or email guy.scarborough@instinctif.com.
A recording of this conference call will be available on the ASOS Plc investor centre website later today: http://www.asosplc.com/investors.aspx
For further information:
ASOS plc | Tel: 020 7756 1000 |
Nick Beighton, Chief Executive Officer |
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Helen Ashton, Chief Financial Officer Greg Feehely, Director of Investor Relations Website: www.asosplc.com/investors |
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Instinctif Partners | Tel: 020 7457 2020 |
Matthew Smallwood / Justine Warren / Guy Scarborough |
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JPMorgan Cazenove | Tel: 020 7742 4000 |
Michael Wentworth-Stanley / Caroline Thomlinson |
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Numis Securities | Tel: 020 7260 1000 |
Alex Ham / Luke Bordewich |
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Background note
ASOS is a global fashion destination for 20-somethings. We sell cutting-edge fashion and offer a wide variety of fashion-related content, making ASOS.com the hub of a thriving fashion community. We sell over 85,000 branded and own-brand products through localised mobile and web experiences, delivering from our fulfilment centres in the UK, US and Europe to almost every country in the world.
We tailor the mix of own-label, global and local brands sold through each of our eight local language websites: UK, US, France, Germany, Spain, Italy, Australia and Russia.
ASOS's websites attracted 123 million visits during June 2016 (June 2015: 98 million) and as at 30 June 2016 had 12.0 million active customers1 (30 June 2015: 9.7 million), of which 4.6 million were located in the UK and 7.4 million were located in our international territories (30 June 2015: 3.8 million in the UK and 5.9 million internationally).
1Defined as having shopped in the last twelve months
www.asos.com
www.us.asos.com
www.asos.de
www.asos.fr
www.asos.com/au
www.asos.it
www.asos.es
www.asos.com/ru
m.asos.com
marketplace.asos.com
likes.asos.com
Appendix 1 - Retail sales growth by period in sterling
Year ending 31 August 2016
£m1 | P12 | YOY% | P22 | YOY% | P32 | YOY% |
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| YTD 2015/16 | YOY% |
UK retail sales | 206.2 | 25% | 83.3 | 26% | 203.1 | 28% |
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| 492.6 | 26% |
US retail sales | 49.7 | 42% | 27.1 | 38% | 68.3 | 53% |
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| 145.1 | 47% |
EU retail sales | 111.0 | 29% | 56.9 | 14% | 139.5 | 32% |
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| 307.4 | 27% |
ROW retail sales | 80.0 | 2% | 34.4 | (4%) | 89.6 | 16% |
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| 204.0 | 6% |
International retail sales | 240.7 | 20% | 118.4 | 12% | 297.4 | 31% |
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| 656.5 | 23% |
Total retail sales | 446.9 | 22% | 201.7 | 18% | 500.5 | 30% |
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| 1,149.1 | 25% |
Year ending 31 August 2015
£m1 | P12 | YOY% | P22 | YOY% | P32 | YOY% | P42 | YOY% |
2014/15 | YOY% |
UK retail sales | 165.5 | 24% | 65.9 | 36% | 158.4 | 27% | 84.1 | 29% | 473.9 | 27% |
US retail sales | 34.9 | 8% | 19.6 | 35% | 44.5 | 43% | 20.5 | 41% | 119.5 | 29% |
EU retail sales | 86.3 | (1%) | 49.9 | 24% | 105.8 | 21% | 52.0 | 26% | 294.0 | 15% |
ROW retail sales | 78.5 | (5%) | 35.8 | 7% | 77.3 | (2%) | 40.9 | 3% | 232.5 | (1%) |
International retail sales | 199.7 | (1%) | 105.3 | 19% | 227.6 | 16% | 113.4 | 18% | 646.0 | 11% |
Total retail sales | 365.2 | 9% | 171.2 | 25% | 386.0 | 20% | 197.5 | 23% | 1,119.9 | 17% |
Year ending 31 August 2014
£m1 | P12 | YOY% | P22 | YOY% | P32 | YOY% | P42 | YOY% |
2013/14 | YOY% |
UK retail sales | 133.7 | 37% | 48.4 | 21% | 125.1 | 44% | 65.0 | 27% | 372.2 | 35% |
US retail sales | 32.3 | 28% | 14.5 | 41% | 31.0 | 13% | 14.5 | - | 92.3 | 19% |
EU retail sales | 87.3 | 69% | 40.3 | 57% | 87.4 | 36% | 41.4 | 16% | 256.4 | 44% |
ROW retail sales | 82.4 | 19% | 33.5 | 3% | 78.6 | (1%) | 39.9 | (4%) | 234.4 | 5% |
International retail sales | 202.0 | 38% | 88.3 | 29% | 197.0 | 15% | 95.8 | 4% | 583.1 | 22% |
Total retail sales | 335.7 | 38% | 136.7 | 26% | 322.1 | 25% | 160.8 | 12% | 955.3 | 27% |
1 All numbers subject to rounding
2 Periods are as follows:
P1: four months to 31 December
P2: two months to 28/29 February
P3: four months to 30 June
P4: two months to 31 August
Appendix 2 - Retail sales growth by period at constant currency
Year ending 31 August 2016
£m1 | P12 | YOY% | P22 | YOY% | P32 | YOY% |
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| YTD 2015/16 | YOY% |
UK retail sales | 206.2 | 25% | 83.3 | 26% | 203.1 | 28% |
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| 492.6 | 26% |
US retail sales | 49.7 | 35% | 27.1 | 32% | 68.3 | 45% |
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| 145.1 | 39% |
EU retail sales | 111.0 | 40% | 56.9 | 17% | 139.5 | 22% |
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| 307.4 | 27% |
ROW retail sales | 80.0 | 13% | 34.4 | 1% | 89.6 | 16% |
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| 204.0 | 13% |
International retail sales | 240.7 | 28% | 118.4 | 14% | 297.4 | 25% |
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| 656.5 | 24% |
Total retail sales | 446.9 | 27% | 201.7 | 19% | 500.5 | 26% |
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| 1,149.1 | 25% |
Year ending 31 August 2015
£m1 | P12 | YOY% | P22 | YOY% | P32 | YOY% | P42 | YOY% |
2014/15 | YOY% |
UK retail sales | 165.5 | 24% | 65.9 | 36% | 158.4 | 27% | 84.1 | 29% | 473.9 | 27% |
US retail sales | 34.9 | 9% | 19.6 | 25% | 44.5 | 31% | 20.5 | 31% | 119.5 | 22% |
EU retail sales | 86.3 | 6% | 49.9 | 34% | 105.8 | 37% | 52.0 | 41% | 294.0 | 26% |
ROW retail sales | 78.5 | 1% | 35.8 | 13% | 77.3 | 4% | 40.9 | 13% | 232.5 | 6% |
International retail sales | 199.7 | 4% | 105.3 | 25% | 227.6 | 23% | 113.4 | 28% | 646.0 | 17% |
Total retail sales | 365.2 | 12% | 171.2 | 29% | 386.0 | 24% | 197.5 | 28% | 1,119.9 | 21% |
Year ending 31 August 2014
£m1 | P12 | YOY% | P22 | YOY% | P32 | YOY% | P42 | YOY% |
2013/14 | YOY% |
UK retail sales | 133.7 | 37% | 48.4 | 21% | 125.1 | 44% | 65.0 | 27% | 372.2 | 35% |
US retail sales | 32.3 | 28% | 14.5 | 45% | 31.0 | 24% | 14.5 | 10% | 92.3 | 25% |
EU retail sales | 87.3 | 60% | 40.3 | 55% | 87.4 | 41% | 41.4 | 24% | 256.4 | 45% |
ROW retail sales | 82.4 | 27% | 33.5 | 15% | 78.6 | 12% | 39.9 | 4% | 234.4 | 15% |
International retail sales | 202.0 | 39% | 88.3 | 34% | 197.0 | 25% | 95.8 | 13% | 583.1 | 28% |
Total retail sales | 335.7 | 38% | 136.7 | 30% | 322.1 | 31% | 160.8 | 18% | 955.3 | 30% |
1 All numbers subject to rounding
2 Periods are as follows:
P1: four months to 31 December
P2: two months to 28/29 February
P3: four months to 30 June
P4: two months to 31 August