British online fashion giant ASOS has postponed the release of its annual results, originally scheduled for Wednesday, until 1st November. ASOS reported a revenue of £ 3.54 billion (US $ 4.3 billion) and second-half earnings before interest and tax (EBIT) of over £ 38 million. ASOS emphasised its cash position, disclosing cash and undrawn facilities of £ 428 million as of 3rd September. ASOS managed to trim its inventory by 30 per cent during the 2022/23 fiscal year, partly through discounting. It foresees continued elevated levels of discounting through 2023/24, especially in the first quarter, to clear last year’s autumn/winter stock.

Source: The Times October 25, 2023 10:09 UTC