Asos has undergone transformative changes including halving inventory and prioritizing full-price sales, revealing a shift towards sustainable profitability despite a £380 million pre-tax loss.
The Chief Executive emphasized that the recent changes at Asos were "medicinal," highlighting the implementation of stricter return criteria and streamlined marketing strategies, which are beginning to yield positive outcomes.
Asos has achieved a positive cash flow of £37.7 million, a significant improvement from the previous year, as it focuses on growing its EBITDA and exploring future retail strategies.
Despite a decline in active customer numbers, Asos's strategy of reduced discounts has resulted in a 2% year-on-year increase in average basket values, indicating a successful shift towards profitability.
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