Fast fashion house ASOS is delaying the publication of its annual results by one week to complete audit work.
In a statement after the close of trading yesterday, the online fashion retailer said it will now announce its financial 2023 results on November 1 to allow its auditor, PwC, to complete its planned testing. PwC has assured the ASOS board that the outstanding procedures are limited in nature.
Performance for the period to September 3 is in line with that reported at the post-close trading update on September 26, ASOS added.
It expects to report full-year adjusted group revenue of £3.54 billion, second-half adjusted earnings before interest and tax of more than £38 million, resulting in a full-year adjusted Ebit loss of no more than 31 million.
In addition, inventory is forecast to have reduced by around 30% from the year before, while cash and undrawn facilities as at September 3 total £428 million.
Alongside the results, ASOS chief executive Jose Antonio Ramos Calamonte will host a strategy update which will feature a series of short presentations from senior management who will provide a broader update on the medium-term outlook.
ASOS, which shone throughout the pandemic, has struggled since as the online sway in retail abated when lockdown measures eased. The firm has attempted to boost its fortunes recently.
Back in October 2022, Asos announced a turnaround plan. It said it would look to improve inventory management, reduce its costs and “reinforce” its leadership team and culture. The plan was one of Calamonte’s first acts as chief executive.
Shares in ASOS were down 3.3% at £3.88 in late trading in London on Tuesday.
By Jeremy Cutler, Alliance News reporter
