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ASOS (LSE: ASC) 1Q19 Trading Update: Challenging November Prompts Sales and Profit Warning

Executive Summary

  • ASOS reported 1Q19 group revenue growth of 14.0% to £656.0 million in the three months ended November 30, 2018. The company warned of a “significant deterioration” in trading in November.
  • Retail gross margin contracted 160 basis points during the quarter.
  • The company revised down the guidance for FY19 that it provided in its FY18 results update, from revenue growth of 20%–25% to 15%, and retail gross margin from no change to down 150 basis points.

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