TIDMASC
RNS Number : 7667C
ASOS PLC
15 June 2023
15 June 2023
ASOS plc (the "Company")
Global Online Fashion Destination
Trading Statement for the three months ended 31 May 2023
Return to profitability as "Driving Change" agenda delivers.
FY23 guidance reiterated.
Summary financial results
Three months to 31 May Nine months to 31 May
CCY
(1,2,3) CCY(1,2,3)
change CCY(1) Reported change CCY(1) Reported
GBPm 2023 2022 (adjusted) change change 2023 2022 (adjusted) change change
------ -------- ------------ ------- ---------- -------- ----------- ------------ ------- ----------
UK total
sales 370.3 431.8 (15%) (14%) (14%) 1,174.0 1,327.3 (12%) (12%) (12%)
EU total
sales 283.5 294.0 (8%) (7%) (4%) 870.1 871.4 (3%) (2%) -%
US total
sales 121.2 141.9 (21%) (20%) (15%) 390.4 394.6 (12%) (12%) (1%)
ROW total
sales 83.9 96.4(4) (14%) (14%) (13%) 265.0 374.9(4) (13%) (31%) (29%)
---------- -------- ----------- ------------ ------- ----------
Total group 964.1
revenue(5) 858.9 (4) (14%) (13%) (11%) 2,699.5 2,968.2(4) (9%) (11%) (9%)
------ -------- ------------ ------- ---------- -------- ----------- ------------ ------- ----------
Strategic update and P3 results summary
The Company continues to execute on its Driving Change agenda.
The following progress was made during the period(3) :
-- Return to profitability with P3 adjusted earnings before
interest and tax ("EBIT") up more than GBP20m year-on-year ("YoY")
and EBIT margin up 250bps YoY. On-track to deliver adjusted EBIT
guidance of GBP40-60m in H2 FY23.
-- This return to profit came despite revenue down 14%, as
expected, and reflecting deliberate actions on capital allocation
to improve profitability.
-- c.GBP200m of profit optimisation and cost savings realised
year-to-date ("YTD"). On track to deliver c.GBP300m of benefits
targeted in FY23, which equates to c.GBP385m of gross annualised
benefits.
-- Profit per order up over 30%(6) YTD versus last year driven
by actions taken to improve profitability of underperforming brands
and geographies.
-- Adjusted gross margin(7) up 350bps YoY supported by freight
(c.200bps) and improvements in realised selling value and
sourcing.
-- Inventory down by c.15% on FY22, consistent with the target
of a c.20% reduction by FY23, with 86% of stock less than 12 months
old. H2 FY23 intake -36% YoY with option count down 30%. H1 FY24
intake expected to be down 33% YoY with option count -13%.
-- Active customers(8) down by 0.8m from the 24.9m reported at
H1 FY23, reflecting a continued focus on improving the
profitability of sales over the pursuit of growth at any cost.
-- As announced on 25 May, the Company strengthened its balance
sheet through a new, long-term GBP275m financing facility and
c.GBP80m equity raise. The new capital structure provides ASOS with
increased resilience and significant flexibility, free of any
profit-based covenants. It is fully aligned with ASOS' shift to its
new commercial model, which includes reducing inventory, faster
clearance of unsold stock and improving stock turn.
-- The return to profitability and cash generation in H2 FY23
and beyond will further strengthen the balance sheet. H2 FY23 and
full-year FY23 expectations are unchanged from the guidance issued
in the H1 FY23 results announcement on 10 May 2023(9) .
CEO review
Why is this the right plan?
At our FY22 results announcement, we reported net debt of
GBP153m, down from a net cash position of GBP200m in FY21 and
GBP408m in FY20. This decline was predominantly driven by the
purchase of too much stock, with FY21 and FY22 intake c.50% higher
than in the preceding two years. The issue was compounded by the
sharp bounce back of store-based retail post-pandemic and the
Russian invasion of Ukraine, which both triggered a deterioration
in the global macroeconomic backdrop and resulted in ASOS exiting
its Russian operations on 2 March 2022. We closed FY22 with
GBP1.1bn of inventory, twice the size of our stock balance in FY20.
In two years, the c.GBP560m increase in our net debt position was
broadly equal to the c.GBP550m increase in our stock. While
underlying issues were undoubtedly compounded by unpredictable
demand and disrupted supply chains during the pandemic, it was
clear that significant changes were required to the way the
business was operating.
To do this, in October 2022 we set out four key pillars of our
Driving Change agenda: 1. Renewed commercial model; 2. Stronger
order economics and lighter cost profile; 3. Robust and flexible
balance sheet; 4. Reinforced leadership & culture. But what
does this really mean? We put in place a plan to turn the business
around: to right-size our stock; to generate cash; to reduce our
net debt; and to structurally improve our profitability. We started
this turnaround process by taking decisive action on the most
urgent issues and bringing in the people we need to make this
happen.
We now have: i) long-term financing in place which provides
significant flexibility, free of any profit-based covenants and
giving us ample headroom to take the action we need to reset our
commercial model and right-size our stock; and ii) the leadership
team in place that can drive this turnaround, complementing the
talent that built ASOS as a disruptive force with external
experience and perspective that can make us even better. We have
reduced inventory by 15% YTD and 86% of our current stock is less
than 12 months old. We will reduce inventory levels by c.20% by
FY23 year-end, supported by a reduction in H2 FY23 intake of 36%. A
further significant reduction is expected in FY24 that will return
inventory days to pre-Covid levels (reducing stock levels below
GBP600m) and underpin a material improvement in cash generation
next financial year.
It's now about completing the right-sizing of our stock, which
will further restore our balance sheet; and continuing to improve
profitability so we can grow again while generating cash. Or put
another way:
1. We turn the stock we have into cash and buy less stock;
2. We improve profit per order by: i) improving our gross margin
(our sourcing, buying, pricing); and ii) focusing on profitable
orders (particularly internationally);
3. With a profitable base established, we grow again by
investing into customer acquisition and lifetime value.
There is no instant fix and the necessary changes will take some
time, but we are making great progress. Taking each in turn:
1. We turn our stock into cash and buy less stock:
We are in the process of turning our stock into cash, which is
driving our cash inflow in H2 FY23 and will also be a key driver of
the material cash inflow we expect in FY24. The chart below
demonstrates the mismatch between our intake and sell-through
during FY21 and FY22, leading to the build-up of stock described
above. While it can make sense that intake would be higher than
sell-through when the business is growing, this should not be the
case when sales are declining.
*For illustrative purposes
The difference between the sell-through of our stock compared to
how much we buy will create a significant cash inflow in FY23 and
FY24, as can be seen in the chart below. However, intake cannot be
optimally reduced overnight and the process can create a temporary
drag on sales as options are reduced.
At the time that our new approach was agreed, Spring/Summer 2023
(H2 FY23) orders had already been placed. This meant that reducing
intake volume by 36% came predominantly through cutting options,
rather than scaling back volume per option. This resulted in option
count contraction of 30% with a consequent negative impact on
sales. As we have placed new orders for Autumn/Winter 2023 (H1
FY24), it has been possible in many cases to reduce volume per
option and hence create a more optimal stock profile offering
better width to customers. For H1 FY24, we will reduce intake by
33% and option count by 13% YoY.
*For illustrative purposes
You might then question whether we can really sell this stock.
Within the GBP1.1bn of stock we held at FY22, there was a
proportion of old stock we felt could not be cleared efficiently
through the ASOS platform. This amounted to c.GBP130m of stock
written off(10) , which has mostly been extracted from our core
network and is being cleared through external channels. With the
oldest stock written off, we believe the remaining stock can be
cleared through our platform in the normal course of business .
This will mean we temporarily have more stock being cleared on
promotion than we would ideally like under our new commercial
model. However, this is reflected in our H2 gross margin guidance
which gives us the flexibility to be more aggressive with our
markdown, if necessary, to achieve the planned c.20% YoY reduction
in inventory by year-end. We expect strong progress on clearing our
stock through our platform over the next 12 months , generating a
significant cash inflow in the process.
Under our new commercial model, when we don't sell out
in-season, we will clear stock faster. We will clear high fashion
product after one season, while continuity product (for example
denim, where shapes can stay relevant for several seasons) will
typically be cleared after two seasons (i.e. product bought for
Spring/Summer 2023 cleared after Spring/Summer 2024). This
ultimately leads to a better realised price as discounting closer
to the season requires shallower markdown. At present, 10% of our
stock is less than 4 weeks old, 55% of stock is less than 26 weeks
old and 86% of stock is less than 52 weeks old. Most of the stock
we currently hold has therefore only been through one season and
less than 25% was carried forward from FY22.
Our experience in the current trading environment is that when
we create a product that really resonates with our customers and is
priced correctly, full-price sales are very strong. Learning from
this experience, we have taken steps to improve the value for money
of own-brand product. As a direct consequence of improvements to
our sourcing and buying we can lower our prices or improve quality
in own-brand, which should mean we can sell more while generating
the same margin.
This approach is not revolutionary: internally, our strategy is
known as 'Back to Basics' because that's what it is. The build-up
of stock based on ASOS' view of e-commerce as having an 'infinite
aisle' was exacerbated by the perfect storm created by
unpredictable demand and global supply chain disruption. While it's
a frustrating issue to solve, we have a clear plan to fix things
and we are making great progress.
2. We improve profit per order by: i) improving our gross margin
and ii) focusing on profitable orders
The new commercial model described above will, put simply,
improve the realised selling price of our stock. This will have a
positive impact on gross margin. We have also brought talent into
the business to help us source product more efficiently. This will
lower the cost of our sourcing and we are already seeing the
benefits in our stock intake.
As well as this improvement in gross margin, we have taken
action to improve our order profitability. The target we set for
FY23 was to take profitability measures and lower costs to offset
the c.GBP300m of inflation and other headwinds we expected in the
year. A small proportion of these actions were one-off in nature,
but the vast majority involved structural improvements to
profitability, for example the removal of unprofitable
non-strategic brands from the platform and the rebalancing of our
shipping and returns proposition internationally where our
investment failed to generate an adequate return. These changes
have underpinned more than a 30% (8) improvement in profit per
order YTD compared to the same period last year. We have now
delivered c.GBP200m of benefit YTD and are on-track to achieve our
target of c.GBP300m by year-end, fully offsetting the headwinds in
our cost base. The annualised benefit of these actions (gross of
inflation) is c.GBP385m, with the c.GBP85m of incremental benefit
in FY24 mostly realised in H1. These actions will structurally
improve the profitability of the business to generate EBITDA in
excess of cash interest, lease costs and capex.
3. We grow again by investing into customer acquisition and
lifetime value
It is too early for us to outline the growth strategy for ASOS.
We must first deliver on our target of turning our stock into cash
and improving our profitability. However, the best way to create
the conditions to grow is to offer again the best combination of
fashion and excitement. This is precisely what we are doing. It is
important to confirm our belief that as we restore ASOS to offering
fashion-loving consumers the best product, with unique styling and
an inspirational shopping experience, we can grow our customer
base.
How will this impact our supply chain?
ASOS has developed strong relationships with its suppliers over
the last two decades, based on the mutual benefit that those
partnerships provide. Our assortment is sourced from over 1,000
suppliers across our own brands and the best fashion brands on the
planet. Our own brands account for c.40% of our revenues and are
available exclusively on the ASOS platform (with the exception of
our joint venture with Nordstrom in the US). We complement this
own-brand offering with a curated range of fashion-focused product
from c.900 brand partners who are attracted to ASOS by our unique
creative lens and deep understanding of a customer base that is
often hard to reach. Our model is highly resilient, with no single
partner brand accounting for more than 6% of our total
revenues.
However, we have started to further improve the efficiency of
our supply chain across both our own brands and partner brands.
Across both channels, we are improving the shape of our buy -
buying more of expected best-sellers (backing the winners) and
reducing intake on the long-tail. In own brand, we are accelerating
our speed to market through two key initiatives: i) the expansion
of our Test and React model, which cut lead times from c.20 weeks
to c.2 weeks in our recent trial; and ii) better leveraging
relationships with our best suppliers to remove unnecessary
administrative processes, which can increase speed and lower cost.
It may also mean consolidating some of our own-brand suppliers or
relocating some of our sourcing. On the partner brands side, we
have already removed unprofitable, non-strategic brands from some
or all territories and we are rolling out Partner Fulfils and ASOS
Fulfilment Services models to offer increased width and / or depth
in the assortment without the associated inventory risk.
The strength our of partnerships is best demonstrated by the
fact that, despite the reduction in volume purchased by ASOS over
the last six months and the ongoing consolidation of our supplier
base, ASOS has not lost any relationship with a top 100
supplier.
At our H1 FY23, we reported trade and other payables of GBP837m.
Around one third of this balance relates to stock payables, one
third relating to non-stock payables and accruals, and the
remainder relating to returns, deferred revenue and VAT payables.
We typically pay our suppliers within 40-70 days depending on our
agreed terms which typically involves a trade-off between cost and
speed of payment (for example, many suppliers give discounts or
rebates for faster payment). We have seen some tightening in the
market over the last 6-12 months and prudently anticipate that this
will continue. We estimate broadly 20% of our trade payables (by
value) was previously covered by third party trade credit insurers,
who we understand have now removed or cut cover. However, this is
manageable, we continue to pay to terms and we expect any negative
impact on cashflow to be modest.
What were the key considerations in our refinancing?
During the period, ASOS strengthened its balance sheet through a
new long-term GBP275m financing facility alongside a cash placing
of new ordinary shares which raised gross proceeds of c.GBP80m. As
is typical of financing from traditional lenders, our previous
financing facility was subject to Net Debt/EBITDA and Interest
Cover covenants. The new asset-based financing facility provides
simplicity under a single lender and is subject only to a minimum
liquidity covenant (i.e. there are no profit-based covenants). It
provides the stability of a structure in place to April 2026, with
the flexibility to exit early or extend for an additional 12
months. These were key factors when determining the right financing
structure to enable the business to focus solely on actions that
will drive long-term value creation, free of any potential
distortion from managing for short term maintenance-based
covenants. The estimated annual cash interest cost of the new
facilities is c.GBP30m.
Outlook
ASOS will retain its focus on profitable sales and its
commitment to reducing inventory for the remainder of FY23.
Expectations for H2 FY23 and full-year FY23 are unchanged from
guidance issued in the H1 FY23 results announcement on 10 May 2023,
as updated on 25 May to account for the cash costs of re-financing.
As such, we are on track to build on the more than GBP400m of cash
and undrawn facilities reported at H1 FY23 over the course of H2
FY23.
While the Company remains cautious on top-line outlook for the
year ahead, the actions taken will continue to have a positive
impact on profitability and cashflow. As such, the Company expects
material cash generation in FY24 and therefore a further reduction
in net debt.
José Antonio Ramos Calamonte, Chief Executive Officer, said:
"We continue to focus on making ASOS the best possible
destination for our fashion-loving customers. At the same time, we
are delivering on our plan to turn the business around: to
right-size our stock; to generate cash; to reduce our net debt; and
to structurally improve our profitability. I am confident in the
direction we are going, we have restored profitability in the
period and made good progress in clearing through our inventory to
generate cash. We retain ample balance sheet flexibility and
reiterate our expectations for improved profitability, cash
generation and reduction in net debt in H2 FY23 and beyond."
Notes
(1) Constant currency is calculated to take account of hedged
rate movements on hedged sales and spot rate movements on unhedged
sales.
(2) Adjusted revenue e xcludes non-underlying jobber income
associated with the transition to the new Commercial Model of
GBP6.1m in P3 FY23 and GBP8.2m in P3 FY23 YTD.
(3) All numbers subject to rounding throughout this document.
Revenue is stated at constant currency, adjusted for non-underlying
items and excludes Russia from the P3 YTD FY22 comparative base
period following the decision to suspend trade in Russia on 2 March
2022, unless otherwise stated. Any other adjusted measures exclude
non-underlying items.
(4) RoW and Group total sales for P3 FY22 and P3 FY22 YTD have
been restated. This restatement relates to the removal of the
GBP19.3m gain on RUB hedges, which was reported as revenue at P3
FY22 but subsequently reallocated to other income at year-end
FY22.
(5) Includes retail sales, wholesale and income from other
services comprising delivery receipt payments, marketing services
and commission on partner-fulfilled sales.
(6) Profit per order based on variable contribution. YTD profit
per order based off September 2022 - April 2023 data vs September
2021- April 2022.
(7) Adjusted gross margin excludes the P3 FY23 gross profit
impact of the stock write-off of GBP1.8m announced at FY22.
Comparative gross margin for P3 FY22 is restated to 42.8% to remove
the GBP19.3m gain on RUB hedges, which was reported within revenue
at P3 FY22 but subsequently reallocated to other income at year-end
FY22.
(8) Active customers including those in Russia who shopped in
the last 12 months as at 31 May 2023 total 24.1m (as at 31st May
2022: 26.5m); excluding Russia 24.1m (as at 31st May 2022:
25.6m).
(9) Updated for an increase in the H2 FY23 cash cost of
refinancing from c.GBP25m to c.GBP45m in the announcement of the
refinancing of 25 May 2023.
(10) Relates to the non-underlying stock write off in relation
to the new commercial model announced at the FY22 results
announcement.
Investor and Analyst conference call:
ASOS will be hosting a conference call for analysts and
investors at 8.00am (UK time) on 15(th) June 2023. To access live
please dial +44 20 3936 2999 / +44 800 358 1035 , and use passcode:
303363
A recording of this webcast will be available on the ASOS Plc
website later today:
https://www.asosplc.com/investor-relations/
For further information:
ASOS plc Tel: 020 7756 1000
Jose Antonio Ramos Calamonte, Chief Executive
Officer
Sean Glithero, Interim Chief Financial Officer
Michelle Wilson, Senior Director of Strategy
and Corporate Development
Holly Cassell, Head of Investor Relations
Website: www.asosplc.com/investors
Headland Consultancy Tel: 020 3805 4822
Susanna Voyle / Stephen Malthouse / Rob Walker
JPMorgan Cazenove Tel: 020 7742 4000
Bill Hutchings / Will Vanderspar
Numis Securities Tel: 020 7260 1000
Alex Ham / Jonathan Wilcox / Tom Jacob
Berenberg
Tel: 020 3207 7800
Matthew Armitt / Richard Bootle / Marie Moy
Background note
ASOS is a destination for fashion-loving 20-somethings around
the world, with a purpose to give its customers the confidence to
be whoever they want to be. Through its app and mobile/desktop web
experience, available in nine languages and in over 200 markets,
ASOS customers can shop a curated edit of nearly 60,000 products,
sourced from nearly 900 global and local third-party brands
alongside a mix of fashion-led own-brand labels - ASOS Design, ASOS
Edition, ASOS 4505, Collusion, Reclaimed Vintage, Topshop, Topman,
Miss Selfridge and HIIT. ASOS aims to give all of its customers a
truly frictionless experience, with an ever-greater number of
different payment methods and hundreds of local deliveries and
return options, including Next-Day Delivery and Same-Day Delivery,
dispatched from state-of-the-art fulfilment centres in the UK, US
and Germany.
Forward looking statements:
This announcement may include statements that are, or may be
deemed to be, "forward-looking statements" (including words such as
"believe", "expect", "estimate", "intend", "anticipate" and words
of similar meaning). By their nature, forward-looking statements
involve risk and uncertainty since they relate to future events and
circumstances, and actual results may, and often do, differ
materially from any forward-looking statements. Any forward-looking
statements in this announcement reflect management's view with
respect to future events as at the date of this announcement. Save
as required by applicable law, the Company undertakes no obligation
to publicly revise any forward-looking statements in this
announcement, whether following any change in its expectations or
to reflect events or circumstances after the date of this
announcement.
Appendix 1 - Total sales growth by period in sterling, including
Russia
Year ending 31 August 2023
2022/23
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% YTD YOY%
------- ----- ----- ----- --------
UK total sales 591.3 (8%) 212.4 (15%) 370.3 (14%) 1,174.0 (12%)
EU total sales 417.3 7% 169.3 (10%) 283.5 (4%) 870.1 -%
US total sales 198.1 15% 71.1 (11%) 121.2 (15%) 390.4 (1%)
ROW total sales 129.8 (30%) 51.3 (45%) 83.9 (13%) 265.0 (29%)
Total sales
(3) 1,336.5 (4%) 504.1 (17%) 858.9 (11%) 2,699.5 (9%)
------- ----- ----- ----- --------
Year ended 31 August 2022
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% 2021/22 YOY%
------- ----- ------- ----- --------
UK total sales 645.2 13% 250.3 (2%) 431.8 4% 435.5 6% 1,762.8 7%
EU total sales 390.2 (3%) 187.2 (3%) 294.0 (5%) 298.6 6% 1,170.0 (1%)
US total sales 172.6 7% 80.1 13% 141.9 21% 136.8 18% 531.4 14%
ROW total sales 185.1 (20%) 93.4 1% 96.4(2) (33%) 97.4 (30%) 472.3 (22%)
964.1
Total sales (3) 1,393.1 2% 611.0 -% (2) (2%) 968.3 2% 3,936.5 1%
------- ----- ------- ----- --------
Year ended 31 August 2021
GBPm P1(1) YOY% P2(1) YOY% P3(1,4) YOY% P4(1,4) YOY% 2020/21 YOY%
------- ----- ------- ------- --------
UK total sales 571.3 35% 254.5 46% 415.9 85% 410.3 5% 1,652.0 36%
EU total sales 400.6 18% 193.8 22% 310.1 33% 280.8 (6%) 1,185.3 15%
US total sales 161.7 12% 71.2 8% 117.5 25% 115.8 4% 466.2 12%
ROW total sales 230.5 16% 92.3 1% 144.5 2% 139.7 (19%) 607.0 1%
Total sales(3) 1,364.1 23% 611.8 25% 988.0 43% 946.6 (3%) 3,910.5 20%
------- ----- ------- ------- --------
(1) Periods are as follows:
P1: four months to 31 December
P2: two months to 28/29 February
P3: three months to 31 May
P4: three months to 31 August
(2) In the tables above RoW and Group total sales for P3 have
been restated. This restatement relates to the removal of the
GBP19.3m gain on RUB hedges, which was reported as revenue at P3
but subsequently reallocated to other income at year-end 2022.
(3) Includes retail sales, wholesale and income from other
services comprising delivery receipt payments, marketing services
and commission on partner-fulfilled sales.
(4) P3 is restated to reflect only March, April, and May. P4 has
been restated to include June.
Appendix 2 - Total sales growth by period at constant currency,
including Russia
Year ending 31 August 2023
P1 (1) P2 (1) P3 (1) P4 (1) 2022/23
GBPm YOY% YOY% YOY% YOY% YOY%
UK total sales (8%) (15%) (14%) (12%)
EU total sales 6% (12%) (7%) (2%)
US total sales (2%) (20%) (20%) (12%)
ROW total sales (31%) (46%) (14%) (31%)
Total sales(3) (6%) (20%) (13%) (11%)
Year ended 31 August 2022
P1 (1) P2 (1) P3 (1) P4 (1) 2021/22
GBPm YOY% YOY% YOY% YOY% YOY%
UK total sales 13% (2%) 4% 6% 7%
EU total sales 2% 1% (2%) 9% 2 %
US total sales 11% 12% 15% 4% 10 %
ROW total sales (15%) 2% (33%)(2) (31%) (20%)
Total sales(3) 5% 1% (2%) (2) 1% 2%
Year ended 31 August 2021
P1 (1) P2 (1) P3 (1,4) P4 (1,4) 2020/21
GBPm YOY% YOY% YOY% YOY% YOY%
UK total sales 35% 46% 85% 5% 36%
EU total sales 17% 20% 34% (7%) 15%
US total sales 16% 13% 40% 15% 21%
ROW total sales 20% 9% 10% (14%) 6%
Total sales(3) 24% 26% 47% (1%) 22%
(1) Periods are as follows:
P1: four months to 31 December
P2: two months to 28/29 February
P3: three months to 31 May
P4: three months to 31 August
(2) In the tables above RoW and Group total sales for P3 have
been restated. This restatement relates to the removal of the
GBP19.3m gain on RUB hedges, which was reported as revenue at P3
but subsequently reallocated to other income at year-end 2022.
(3) Includes retail sales, wholesale and income from other
services comprising delivery receipt payments, marketing services
and commission on partner-fulfilled sales.
(4) P3 is restated to reflect only March, April, and May. P4 has
been restated to include June.
Appendix 3
Total sales growth by period in sterling, excluding Russia
Year ending 31 August 2023
2022/23
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% YTD YOY%
------- ----- ----- ----- --------
UK total sales 591.3 (8%) 212.4 (15%) 370.3 (14%) 1,174.0 (12%)
EU total sales 417.3 7% 169.3 (10%) 283.5 (4%) 870.1 -%
US total sales 198.1 15% 71.1 (11%) 121.2 (15%) 390.4 (1%)
ROW total sales 129.8 (9%) 51.3 (14%) 83.9 (13%) 265.0 (11%)
Total sales
(2) 1,336.5 (1%) 504.1 (13%) 858.9 (11%) 2,699.5 (7%)
------- ----- ----- ----- --------
Year ended 31 August 2022
GBPm P1(1) YOY% P2(1) YOY% P3(1) YOY% P4(1) YOY% 2021/22 YOY%
------- ----- ------- ----- --------
UK total sales 645.2 13% 250.3 (2%) 431.8 4% 435.5 6% 1,762.8 7%
EU total sales 390.2 (3%) 187.2 (3%) 294.0 (5%) 298.6 6% 1,170.0 (1%)
US total sales 172.6 7% 80.1 13% 141.9 21% 136.8 18% 531.4 14%
ROW total sales(3) 142.0 59.7 96.4(4) (7%) 97.4 (3%) 395.5
Total sales 964.1
(2) 1,350.0 577.3 (4) 2% 968.3 7% 3,859.7
------- ----- ------- ----- --------
Total sales growth by period at constant currency, excluding
Russia
Year ending 31 August 2023
P1 (1) P2 (1) P3 (1) P4 (1) 2022/23
GBPm YOY% YOY% YOY% YOY% YOY%
UK total sales (8%) (15%) (14%) (12%)
EU total sales 6% (12%) (7%) (2%)
US total sales (2%) (20%) (20%) (12%)
ROW total sales (10%) (16%) (14%) (13%)
Total sales(2) (3%) (15%) (13%) (9%)
Year ended 31 August 2022
P1 (1) P2 (1) P3 (1) P4 (1) 2021/22
GBPm YOY% YOY% YOY% YOY% YOY%
UK total sales 13% (2%) 4% 6% 7%
EU total sales 2% 1% (2%) 9% 2 %
US total sales 11% 12% 15% 4% 10 %
ROW total sales(3) (7%)(4) (4%)
Total sales(2) 2% (4) 6%
(1) Periods are as follows:
P1: four months to 31 December
P2: two months to 28/29 February
P3: three months to 31 May
P4: three months to 31 August
(2) Includes retail sales, wholesale and income from other
services comprising delivery receipt payments, marketing services
and commission on partner-fulfilled sales.
(3) Calculation of metrics, or movements in metrics, on an
ex-Russia basis involves the removal of Russia from H1 FY22
performance following the decision to suspend trade in Russia on 2
March 2022.
(4) In the tables above RoW and Group total sales for P3 have
been restated. This restatement relates to the removal of the
GBP19.3m gain on RUB hedges, which was reported as revenue at P3
but subsequently reallocated to other income at year-end 2022.
Appendix 4
Total adjusted (1) sales growth by period in sterling, excluding
Russia
Year ending 31 August 2023
2022/23
GBPm P1(2) YOY% P2(2) YOY% P3(2) YOY% P4(2) YOY% YTD YOY%
------- ----- ----- ----- --------
UK total sales 590.1 (9%) 211.8 (15%) 366.4 (15%) 1,168.3 (12%)
EU total sales 417.1 7% 169.2 (10%) 282.0 (4%) 868.3 -%
US total sales 198.1 15% 71.1 (11%) 120.5 (15%) 389.7 (1%)
ROW total sales 129.8 (9%) 51.3 (14%) 83.9 (13%) 265.0 (11%)
Total sales (3) 1,335.1 (1%) 503.4 (13%) 852.8 (12%) 2,691.3 (7%)
------- ----- ----- ----- --------
Year ended 31 August 2022
GBPm P1(2) YOY% P2(2) YOY% P3(2) YOY% P4(2) YOY% 2021/22 YOY%
------- ----- ------- ----- --------
UK total sales 645.2 13% 250.3 (2%) 431.8 4% 435.5 6% 1,762.8 7%
EU total sales 390.2 (3%) 187.2 (3%) 294.0 (5%) 298.6 6% 1,170.0 (1%)
US total sales 172.6 7% 80.1 13% 141.9 21% 136.8 18% 531.4 14%
ROW total sales(4) 142.0 59.7 96.4(5) (7%) 97.4 (3%) 395.5
964.1
Total sales (3) 1,350.0 577.3 (5) 2% 968.3 7% 3,859.7
------- ----- ------- ----- --------
Total adjusted (1) sales growth by period at constant currency,
excluding Russia
Year ending 31 August 2023
P1 (2) P2 (2) P3 (2) P4 (2) 2022/23
GBPm YOY% YOY% YOY% YOY% YOY%
UK total sales (9%) (15%) (15%) (12%)
EU total sales 6% (12%) (8%) (3%)
US total sales (2%) (20%) (21%) (12%)
ROW total sales (10%) (16%) (14%) (13%)
Total sales(3) (4%) (15%) (14%) (9%)
Year ended 31 August 2022
P1 (2) P2 (2) P3 (2) P4 (2) 2021/22
GBPm YOY% YOY% YOY% YOY% YOY%
UK total sales 13% (2%) 4% 6% 7%
EU total sales 2% 1% (2%) 9% 2 %
US total sales 11% 12% 15% 4% 10 %
ROW total sales(4) (7%)(5) (4%)
Total sales(3) 2% (5) 6%
(1) Adjusted sales are reported sales excluding non-underlying
items
(2) Periods are as follows:
P1: four months to 31 December
P2: two months to 28/29 February
P3: three months to 31 May
P4: three months to 31 August
(3) Includes retail sales, wholesale and income from other
services comprising delivery receipt payments, marketing services
and commission on partner-fulfilled sales.
(4) Calculation of metrics, or movements in metrics, on an
ex-Russia basis involves the removal of Russia from H1 FY22
performance following the decision to suspend trade in Russia on 2
March 2022.
(5) In the tables above RoW and Group total sales for P3 have
been restated. This restatement relates to the removal of the
GBP19.3m gain on RUB hedges, which was reported as revenue at P3
but subsequently reallocated to other income at year-end 2022.
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