ASOS : 2024 to be another transition year, cutting estimates and TP
>Final FY 2023 results are in line with prelims - Last week, Asos released final numbers for FY 2023 (which ended in August) in line with preliminary results. FY 2023 sales decreased 11% y-o-y on an adjusted basis mainly due to the UK (-13%) and US (-14%) being down materially. The inflationary environment led to much lower traffic which was only partly offset by higher average baskets. FY 2023 adjusted EBIT came in at -£ 29m, implying a margin of 0.8% (down 190bp). ...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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