ASOS's Lack of Bad News Brings Optimism -- Market Talk

Dow Jones04-17

1242 GMT - ASOS shares are up, helped by the absence of any further bad news in the company's 1H earnings, as expectations were already low and shares were at their lowest level since 2009, AJ Bell investment director Russ Mould says. The fashion retailer backed its sales and cash flow guidance, bringing optimism for fiscal 2025 as prospects for the second half improve, Mould writes in a note. "The best news may come from the balance sheet, not the profit and loss account. CEO Jose Calamonte can point to great progress in reducing inventory and the balance of unsold goods has already fallen to his target of GBP600 million, some six months ahead of schedule, Mould notes. Shares are up 2.8%, but down 53% on a 12-month basis. (michael.susin@wsj.com)

(END) Dow Jones Newswires

April 17, 2024 08:44 ET (12:44 GMT)

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CEO Jose Calamonte can point to great progress in reducing inventory and the balance of unsold goods has already fallen to his target of GBP600 million, some six months ahead of schedule, Mould notes. Shares are up 2.8%, but down 53% on a 12-month basis. 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