ASOS Remains in the Doldrums -- Market Talk

Dow Jones11-05

0930 GMT - ASOS's current trading remains poor, and cost-savings and inventory reduction seem insufficient, Panmure Liberum analysts Wayne Brown and Anubhav Malhotra write in a research note. The London-listed online fashion retailer reported a widened pretax loss of 379.3 million pounds for its fiscal year ended Sept. 1, which compares with a loss of 296.7 million pounds in the prior year. Full-year revenue dropped 18% to 2.905 billion pounds. "As revenues continue to fall double-digit so is the need to continue pairing the business back - catching a falling knife is not easy," the analysts say. The cost reduction program has gone well, but the improvement in the cost base and the decrease in inventories are not enough, the analysts say. Shares trade 6.6% lower at 351 pence. (andrea.figueras@wsj.com)

(END) Dow Jones Newswires

November 05, 2024 04:30 ET (09:30 GMT)

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