Asos: The stock falls, results and outlook disappoint

( – The online ready-to-wear specialist Asos reported on Wednesday half-year results below expectations and delivered targets deemed disappointing, which caused its title to fall by more than 13%.

The British group, accustomed to profit warnings, saw its sales fall by 8% to 1.84 billion pounds over the six months to the end of February, the first half of its fiscal year.

At constant exchange rates, the decline in activity even reached 10%, where the consensus was counting on a much more limited decline, of the order of 6%.

Its adjusted profit before tax and interest (Ebit) shows a loss of 69.4 million pounds over the period, compared with a profit of 26.2 million a year earlier, while analysts only anticipated a loss. of 40 million.

To justify these underperformances, the company’s general manager, José Antonio Ramos Calamonte, spoke of a “very difficult” market environment, as well as the impact of the “Driving Change” strategic plan, which is supposed to simplify decision-making. .

In its press release, Asos points out that the decline in its sales accelerated in March and April (-15% on average) which leads it to forecast an adjusted Ebit of 40 to 60 million pounds for the second half. of the financial year, below the consensus which until now had targeted 70 million.

On the London Stock Exchange, the distributor’s action fell 13.3% on Wednesday morning, returning towards its historic lows hit at the start of the year.

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