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Building a Truly Global Retail Leader

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STRATEGIC REPORT STRATEGIC ASOS PLC Annual Report and Accounts 2019 Building A Truly Global Retail Leader For fashion loving 20-somethings STRATEGIC REPORT STRATEGIC Financial highlights Authentic, Brave Revenue Gross profit Profit after tax £2,733.5m £1,334.3m £24.6m and Creative 2018: £2,417.3m 2018: £1,237.1m 2018: £82.4m 2017: £1,923.6m 2017: £958.3m 2017: £64.1m Our 2018/19 story Operating profit Diluted EPS Net assets Back in 2000, people said online fashion wouldn’t work. We proved them wrong. £35.1m 29.4p £453.6m 2018: £101.9m 2018: 98.0p 2018: £438.8m Almost 20 years on, we’re still pushing the 2017: £79.6m 2017: 76.6p 2017: £287.1m boundaries for the world’s fashion loving 20-somethings, helping more and more people look, feel and be their best. This Non-financial highlights report introduces a more agile ASOS, a truly 20.3m 85,000+ global retailer with our eyes set firmly on active customers products on website becoming the number one online fashion destination for 20-somethings globally. c.950 20,000 third-party brands young people supported by the ASOS Foundation What’s inside? Strategic report Governance report Financial statements 1 Performance highlights 38 Board of Directors 74 Independent Auditors’ Report to the Members 2 ASOS: The future of fashion, today 40 Corporate Governance Report of ASOS Plc 4 Welcome from our new Chair 46 Audit Committee Report 79 Consolidated Statement of Total Comprehensive Income 5 CEO’s Operational review 49 Nomination Committee Report 80 Consolidated Statement of Changes in Equity 9 CFO’s Financial review 51 Directors’ Remuneration Report 81 Consolidated Statement of Financial Position 12 Our business model 70 Directors’ Report 82 Consolidated Statement of Cash Flows 14 Key Performance Indicators 72 Statement of Directors’ Responsibility 83 Notes to the Financial Statements 16 How we create value 108 Company Statement of Changes in Equity 24 Our circular roadmap 109 Company Statement of Financial Position 26 The people behind the brand 110 Company Statement of Cash Flows 28 Fashion with Integrity 111 Notes to the Company Financial Statements 32 Risk Report 114 Five-Year Financial Summary (unaudited) 116 Company Information This report refers to data and performance between 1 September 2018 and 31 August 2019. It covers the worldwide operations of ASOS.com. ASOS PLC Annual Report and Accounts 2019 1 ASOS: the future REPORT STRATEGIC of fashion, today From almost any country in the world, you can shop over 85,000 products from ASOS’ own collections and other leading 20-something brands. With a single swipe or click today’s must-haves could be with you tomorrow. A British success story with a truly global offer. This is ASOS: the future of fashion, today. UK:37.4% US:12.8% £993.4m retail sales £11.5bn online apparel £341.2m retail sales £39.3bn apparel market £69.8bn online apparel £295.6bn apparel market Berlin Euro Hub – Fully automated – 20m unit stockholding Our business model (page 12) is Fashion with Integrity capacity uniquely designed to give the world’s Today’s 20-somethings rightly expect more 20-somethings the confidence to be from retailers when it comes to transparency, whoever they want to be. This purpose is in sustainability and good conduct. Fashion our DNA. It’s at the heart of our day-to-day with Integrity is not just the name of our business and long-term strategy. And it’s corporate responsibility programme, it behind every great customer relationship. underpins everything we do – to ensure Barnsley A bigger and better ASOS we source sustainably, trade ethically, – 1.5 orders placed EU:31.1% communicate inclusively and work Taking the pioneering ASOS model to per second collaboratively with a broad range of every corner of the world means £825.7m retail sales stakeholders. And it’s making a measurable customising our online platforms and £38.2bn online apparel difference. Find out more on pages 28 scaling our infrastructure. So, in 2018/19 to 31. £205.0bn apparel market we made the bold move to step up the pace in transforming our digital and logistics capabilities. ASOS.com and our apps now Listed as one of the ‘most engaged’ Atlanta boast more localised and personalised fashion companies for sustainability – 1m sq ft shopping features than ever before. What’s by the UK Environmental Audit more, you can shop in 12 languages and Committee – 1.5m units of 19 currencies. Our global network of outbound capacity RoW:18.7% fulfilment and returns centres use the latest automation to improve availability and stock £497.4m retail sales efficiency, while smart carrier software and £100.0bn online apparel Map key best-in-class propositions make rapid and convenient deliveries and returns possible in £585.9bn apparel market Fulfilment Centres more countries. Find out how we’re ready to Fulfilment & Returns Centres reach more 20-somethings than ever before Returns Centres on page 16. Our mission: To be the world’s number one destination for fashion loving 20-somethings Our values: Authentic, Brave, Creative 2 ASOS PLC Annual Report and Accounts 2019 ASOS PLC Annual Report and Accounts 2019 3 Welcome from CEO’s Operational review REPORT STRATEGIC our new Chair My priorities ahead Overview We are confident in having identified the backed by the strategic assets, and in the root causes of the issues faced this year right channel to continue capturing market My priorities going forward are clear. The financial and operating performance and continue to make good progress share as consumers migrate online. We need to ensure we have world-class, of ASOS has been disappointing this year. against the remedial plans set out earlier lean, frictionless operations internationally. The huge investment we undertook in In order to deliver on this global growth in the year. Embedding automation within We need to replicate what we do brilliantly transitioning us into a business with scale opportunity, our priorities for the year our Euro Hub has progressed in line with in every key market, keeping ASOS DESIGN and operational capability in both the EU ahead are: our expectations and we continue to make front and centre, whilst also being the partner and US has been more challenging than we good progress expanding our US stock – Strengthen organisational capability of choice for all the best 20-something foresaw. The transformation has been huge pool in advance of peak trading. Whilst we to deliver effectively into the future brands across the world. We need to and we underestimated the impacts of large are seeing encouraging signs of recovery, continue to provide uniquely fresh and scale operational change being executed – Remove non-strategic cost to support both in our product performance and our engaging content and experiences for our on two continents simultaneously. With the future growth and profitability customer engagement, we are clear on customers every single day and, if we can benefit of hindsight, we were not adequately what we still need to do to further build – Further increase product choice, do all of this at scale and pace, then we will prepared for the additional complexities of momentum globally. availability and newness have the right momentum for the future. planning and trading across our expanded Having invested heavily into the platform – Continue to improve presentation It is also vital that we have the right balance warehouse footprint. It is also clear that our and foundations of the business over the and social media engagement of experience and talent in both the internal capabilities had not kept pace with last few years, both in terms of physical Boardroom and the Executive management this growth and change in complexity, and – Optimise approach to customer infrastructure and technology, our focus now team to drive the next stage of growth. accordingly we lost focus on several of our acquisition and retention shifts to enhancing the capabilities needed It’s why we recently announced a refresh core competencies, notably product, to ensure we leverage these investments. – Leverage benefits from transformational of the ASOS Board of Directors and the presentation and customer engagement. With the current investment in the global investments to drive efficiency and appointment of four Non-executive This was reflected in our financial platform largely complete, this year enhance customer propositions Directors, who will join us throughout FY20. performance. Total sales grew by 13% to represents the end of a period of elevated These appointments mark a significant £2,733.5m supported by an improving capital spend which we expect to fall Strengthening organisational strengthening of our Board and bring with performance in P4. Retail gross margin towards more normal levels going forward. capabilities them world-class experience, skills, and reduced 250bps to 47.4% reflecting the shift As a result, in FY20 we expect capex to be expertise which will be essential in guiding to a local platform in the US, expansion of We are strengthening the depth and around £150m. ASOS through the next stage of global our high street brand offering and adverse breadth of our senior management team to ASOS is a British success story. I believe it’s Learning and growing growth. We also announced that Hilary Riva country mix as a result of the operational As we look ahead to FY20 and beyond, ensure we are well set for the next phase of one of just a handful of retailers that can from 2018/19 and Rita Clifton will be stepping down from challenges experienced in the year. PBT the foundations we have built will allow us growth. We have restructured our executive become truly global.
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