Asos losses widened to £120m in its half year as sales plummeted amid its turnaround plan.
Adjusted pre-tax losses fell by almost a third over the half to 3 March, as group sales were down 18%.
Despite this, Asos reiterated its full-year guidance of a revenues fall of between 5 to 15% alongside positive adjusted EBITDA.
The online retailer said it was ahead of plan with its stock reduction process, as it continued to push ahead with its turnaround plan. Asos offloaded 83% of its autumn collection, making it a 17% improvement from the same time last year.
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The fashion giant also appointed new chief financial officer, former Farfetch and Sainsbury’s exec Dave Murray, who joins the firm from 29 April. It also hired Christine Cross, who has served on the boards of Next, Coca Cola and Fenwick, as its new non-executive director.
CEO José Antonio Ramos Calamonte said: “Asos is becoming a faster and more agile business, and we are reiterating our guidance for the full year as we lay the foundations for sustainably profitable growth in full-year 2025 and beyond.”
Chair Jørgen Lindemann said: “I’d like to welcome both Dave and Christine to Asos on behalf of the board. Christine’s experience across her career as a retail executive and as a Board member and advisor, including as remuneration committee chair for several PLCs, will be invaluable to Asos and we look forward to working with her.”
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