ASOS Plc. (ASOMF) Q2 2025 Earnings Call Transcript

2025-04-24 12:16:09 ET

ASOS Plc. (ASOMF)

Q2 2025 Earnings Conference Call

April 24, 2025 04:30 AM ET

Company Participants

José Antonio Ramos Calamonte - Chief Executive Officer

Dave Murray - Chief Financial Officer

Conference Call Participants

John Stevenson - Peel Hunt

Sarah Roberts - Barclays

Anne Critchlow - Berenberg

Georgina Johanan - JPMorgan

Richard Chamberlain - RBC

Adam Cochrane - Deutsche Numis

Presentation

José Antonio Ramos Calamonte

So we're ready. Okay. Good morning, everyone. Thank you so much for spending time with us this morning in our Half Year Results Presentation. And as always, it's very exciting to have you here in ASOS.

So let me start, because I'll try to speak less than last time. Last time we didn't leave enough time for questions. So I'm going to try to be more concise. That doesn't really mean I'm going to speak faster. I know, I already speak fast enough. I'll try to be more concise so that we can leave more time for questions.

So what is it that we want to share with you today? I'm going to start just by sharing the big messages that we want to highlight. Then I will give you more color on the strategic update on the main actions we have been delivering during the course of the last six months. Then Dave, our CFO, will give you more detail on our financial results and this is probably where everybody is more interested in and the outlook. And then we will make sure we have enough time for Q&A at the end.

So let me start. And let me start – sorry, let me start by taking a second and I promise, it's going to be very short and talking about some concepts that have been hammering on you over the course of the last 2.5 years, so that I'm going to try to put them together, let's say if I do a good job in a way that it resonates with everyone.

Over the course of the last 2.5 years, I've been talking about things like becoming the most inspirational destination for fashion-loving 20-somethings. I've been talking about making sustainable profitable growth, making – creating a business model that is resilient, a business model that is flexible and hence sustainable.

And I want to try to put it all together today. This transformational journey is about doing these two things at the same time. And I don't think they are contradictory. I think they reinforce each other. On one hand, what we're doing is when we look into the consumers, we want to become a place for inspiration, a destination. They come because they are offered the most exciting and the most relevant product in the most inspirational way. And at the same time we're transforming our business model to be sustainable and resilient and flexible. And when you put these both things together, on one hand, the more inspirational we are, the more profitable we become. And on the other hand, the more resilient and the more flexible we are, the more we release resources to reinvest into our consumer.

And this is when we put both of them together, this is where we're talking about sustainable profitable growth. That is the outcome of doing these two things at the same time. And today I'm here very happy telling you that, I feel we have really made a step forward during the last six months in this direction. And that's why we have increased our EBITDA versus last year on approximately £60 million. I think this figure summarizes very well, where is that we are going and why do we feel we have made such an important step.

And this has been built on three main pillars. The first one is our new commercial model. And I've talked a lot about this new commercial model. I'm trying to summarize it in one line is this is being capable of offering our consumers, the right product at the right time. This is done through a lot of things. This is done through adding additional speed to the system. This is done ensuring we offer the right level of quality. This is done through enlarging and improving the assortment of brands we offer to our consumers. So they are more exciting, offering better collaborations and more exciting items. This is done through more flexibility in our fulfillment methods and business models. This is done through a more dynamic stock management during the course of the season....

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