British clothing retailer Asos Plc on Friday gave a first look at its results for the 2021/22 financial year, which ended at the end of August. Sales, earnings before taxes and net debt were expected to be “in line with market expectations,” the group said in an interim statement.
Specifically, Asos expects a pre-tax profit “at the lower end of the forecast published by the company” of 20 to 60 million pounds sterling (23 to 69 million euros). Otherwise, the clothing supplier apparently fell short of its own expectations: it now expects currency-adjusted sales growth of around two percent compared to the previous year, after an increase of four to seven percent had previously been forecast. Net debt was expected to be around £150 million. The most recent forecast, published in June, was between 75 million and 125 million.
According to its own statements, the retailer suffered a setback in the last month of the financial year: After “good growth” in June and July, sales development in August was “weaker than expected”, the company said. Asos cited “the impact of rising inflationary pressures on consumers” and a “slow start” to the fall-winter season.
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