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ASOS Plc H1 Pretax Profit Declines On Transition Costs; Sales Up 14%

ASOS plc (ASOMY.PK,ASOMF.PK,ASC.L) reported profit before tax of 4.0 million pounds for the six months to 28 February 2019, down 87% compared to last year. Earnings per share decreased by 88% to 3.6 pence.

First-half total sales were up 14% to 1.31 billion pounds from 1.16 billion pounds, and retail sales were up 13% to 1.28 billion pounds. Total operating costs to revenue increased by 170bps to 48.3% of which 90bps related to transition costs largely relating to the Group's new warehouse capacity.

Nick Beighton, CEO, said: "We grew sales by 14% despite a more competitive market. We have identified a number of things we can do better and are taking action accordingly. We are confident of an improved performance in the second half and are not changing our guidance for the year."

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