ASOS Plc (ASOMY.PK,ASOMF.PK,ASC.L), a British online fashion and cosmetic retailer, on Tuesday reported a wider loss before tax for the full year.
This is mainly due to decreased sales, impacted by continued challenges in the market, higher cost of living, and the volume impact of profit initiatives taken in 2023, alongside new programs implemented in the current fiscal.
For the 12-month period to September 1, the firm registered pre-tax loss of 379.3 million pounds, compared with loss of 296.7 million pounds, recorded last year.
This includes adjusting items totaling 253.3 million pounds. Property-related initiatives account for 144.4 million pounds, including the mothballing of the company's Lichfield fulfilment centre. The majority of the expenditure under this program is the non-cash impairments of tangible, intangible and right-of-use assets.
Excluding items, loss before tax stood at 126 million pounds as against loss of 70.3 million pounds in 2023.
Net loss was 338.7 million pounds or 284.4 pence per share, wider than 223.1 million pounds or 213 pence per share a year ago. Adjusted loss was 123.4 million pounds, higher than the prior year's loss of 52.9 million pounds.
Revenue was 2.905 billion pounds, down from last year's 3.549 billion pounds.
Looking ahead, the company said: "For FY25, we expect revenue to be within consensus range. As a result of the significantly higher mix of full-price sales and the decisive actions taken to improve order economics, we are confident in achieving significant profit improvements in H1 FY25 and the full year regardless of revenue levels."
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