ASOS Highlights Operational Hurdles and Plans to Address Them, Cuts Capital Expenditures Plans
We are retaining our GBP 3,480 fair value estimate for no-moat ASOS as the company reported first-half 2019 results and kept its full-year outlook. Revenues in the period grew by 14% (12% at local currencies) versus 14.7% at our annual expectations and 15% annual company guidance. Gross margin shrinkage, at 60 basis points, was lower than 150 basis points the company forecasts for the full year and our annual expectations because price investments will be shifted to the second half of the year. ...ASOS and its subsidiaries (together, the Group) is a global fashion retailer. The Group sells products across the world and has websites targeting the U.K., U.S., Australia, France, Germany, Spain, Italy and Russia. Co. creates and curates fashion, face + body products for every fashion-loving 20-something.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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