ASOS, a UK-based online retailer of fast fashion, announced total revenue of £ 858.9m (US $ 1.08 billion) for the third quarter (Q3) of fiscal year (FY) 2023, a decrease of 14 per cent from the same quarter in FY ’22. ASOS’s revenue has decreased by 9 per cent so far this year, to £ 2.7 billion.
Sales in the US and the European Union decreased by 8 per cent and 21 per cent, respectively, while sales in the UK fell by 15 per cent to £ 370.3 million in the third quarter of FY ’23. As compared to the same period the previous year, ASOS’ adjusted earnings before interest and taxes (EBIT) increased by more than £ 20 million during the quarter ending 31st May 2023.
The retailer’s profit per order increased by more than 30 per cent from the previous year due to the increased profitability of failing products and regions. Over the quarter, its adjusted gross margin grew by 350 basis points (bps). The company’s active customer base decreased to 0.8 million as a result of the retailer’s sustained emphasis on increasing sales profitability above growth.
ASOS chief executive officer José Antonio Ramos Calamonte said, “We continue to focus on making ASOS the best possible destination for our fashion-loving customers.”
