Asos delays results and confirms full-year loss

Asos had been scheduled to issue preliminary results today but they will now be disclosed next Wednesday (November 1).

The retailer said the delay was to allow auditor PwC “to complete its planned testing”, and that PwC “has assured the board that the outstanding procedures are limited in nature”.

Asos said performance in the year to September 2023 is “in line” with its trading update in September. Full-year adjusted group revenue was expected to be £3.54bn and the full-year adjusted EBIT loss “no more” than £31m.

Shore Capital analyst Eleonora Dani said: “However, we note that this falls slightly short of the previous guidance, which projected second-half EBIT to be at the ‘lower end of the guided range of £40 to £60m’.”

Asos said there has been a year-on-year inventory reduction of 30% and it had cash and undrawn facilities of £428m.