ASOS 4-month sales fell but retailer backs 2023 guidance


ASOS PLC
ASC,
+14.25%

on Thursday backed its expectations for fiscal 2023 after reporting a fall in revenue for the first four months of the year due to challenging trading conditions.

The online fashion retailer said revenue for the four months ended Dec. 31 fell 3% from the same period a year ago, broadly in line with the board expectations.

Sales in the U.K. fell 8%, reflecting weak consumer sentiment, while EU sales grew 6% supported by price increases and customer growth.

The company said it continues to expect to be loss-making in the first half of fiscal 2023. Cash outflow for the year ending Aug. 31 is reiterated to be in the range of 100 million pounds ($121.5 million) to zero.

“ASOS continues to expect significantly improved profitability and cash generation in the second half and beyond, following first-half loss,” it added.

Write to Michael Susin at michael.susin@wsj.com



This story originally Appeared on marketwatch

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