ASOS : Adjusting the business model, improvement unlikely in the short term
>FY 2021-22 a notch below consensus expectations - Results for FY 2021-22 came in slightly below consensus expectations. Sales grew 1% y-o-y as good growth in the UK (+7%) and the US (+10%) was offset by weaker performance in Europe (+2%) and RoW (-20%). The number of active customers increased 2%, but the average basket was down 3% due to higher return rates. Adjusted PBT amounted to £ 22m, implying a margin of 0.6% (down >400bp). The gross margin decreased 180bp due...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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