#1Kom asos 2020 Full Year Results 14 October 2020 EG#2Overview Nick Beighton | CEO 2 asos#3Retail Sales +19% UK +18% US +18% EU +22% ROW +18% Net Cash* £407.5m Strong financial position Results summary *EBITDA margin is excluding IFRS 16; including IFRS 16 is 8.2% +430bps YOY Net cash is cash and cash equivalents less borrowings EBITDA Margin* 7.4% +350bps YOY Active customers 23.4m +3.1m in the year PBT £142.1m Including c.£45m Covid-19 tailwind 3 asos#4Strengthened foundations for growth with delivery against key priorities 1 Strengthen organisational capabilities 4 new executive appointments. completing 8 strong new exec team 4 Presentation & social media engagement Over 79 million engagements through social channels 2 Remove non-strategic cost Progress across business supported the c.180bps improvement in underlying profitability AG 5 Optimise customer acquisition retention 3.1m customers added to base alongside marketing cost efficiency 3 Product choice, availability, price & newness Product mix pivoted to drive greater choice in lockdown categories LAGA 6 Leverage benefits from transformational investments Euro Hub pick rate +57% SIEVA asos#5Supporting delivery of.. Strong retail sales growth across all territories Great customer momentum From an increasingly efficient base Record financial performance UK Sales US Sales EU Sales ROW Sales Active Customers New Customers Operating Cost % Sales EH pick rate (exit rate) EH pack rate (exit rate) Cash generation* EBITDA margin** PBT Margin *Cash generation is the movement between opening and closing net cash/(debt) position. FY20 figure is excluding the net equity raise proceeds of £239.4m **EBITDA margin is excluding IFRS 16; including IFRS 16 is 8.2% +430bps YOY +18% +18% +22% +18% +15% +19% -470bps +57% +14% +£258.6m +350bps +320bps t 5 asos#6Business Performance Mat Dunn | CFO asos#7Total Sales +19% £ 2,733.5 m FY19 £33.1m £ 3,263.5 m PBT +329% £142.1m D FY20 FY19 FY20 Financials at a glance EBITDA Margin* +350bps 7.4% Gross Margin -140bps 48.8% FY19 £195.0m FY19 *EBITDA margin is excluding IFRS 16; including IFRS 16 is 8.2% +430bps YOY 47.4% FY20 Capex £115.6m FY20 3.9% FY19 FY20 Net (Debt)/ Cash £407.5m EV10 TTTY (£90.5m) FY20 TER COLL NX 7 asos#8Underlying performance Matching actual returns through lockdown against the associated sales reflects underlying consumer demand lih Overall demand continues to be impacted by reduction in 'going out' occasions; strong growth across all casualwear 30% 25% 20% 100+ 0.01 P1 P2 P4 15% 5% 0% **Adjusted for underlying returns rates P3 I Favourable returns driven by product mix and move towards more deliberate purchasing P3 Underlying** P4 Underlying** FY 8 asos#9UK KPI Covid-19 case study Visits recovered quickly after initial shock but the shift to more deliberate purchasing caused a slower recovery in order growth, which is also evident in... PLUTO TIGLALTELTE INGLALTATO HOLA! Initial Impact Lockdown Loosening Restrictions □ Visit Growth ■Order Growth "Stabilising" with Limited Restrictions KAL ATAU! 46082 ...the difference between gross and net sales. The change in ABV reflects customer demand for lower selling price 'lockdown' categories through the half PSE VASTAL SE MASSAL 2523485TZ Initial Impact Lockdown Loosening Restrictions □Gross Sales Growth I Net Sales Growth "Stabilising" with Limited Restrictions ■ABV 9 asos#10UK performance Sales increased 18% with continued market share growth Shift to lower ASP lockdown categories drove H2 reduction in ABV Retail Sales Visits Orders Conversion ABV & Active Customers* More deliberate lockdown purchasing reflected in H2 conversion and orders H1 20 KPIs +20% +18% +18% +10bps +6% 6.8m (+10%) +17% H2 20 KPIs FY 20 KPIs +16% +3% -60bps (6%) 7.1m (+11%) + * 12 month measures - Active customers defined as having shopped in the last 12 months as at 31 August. +18% +17% +10% Continued growth in active customer base +700k in FY20 -30bps Flat 7.1m (+11%) 10 asos#11EU performance Momentum rebuilt reflecting improved proposition and stock availability Strong customer momentum as active base grew by 1.4million Retail Sales Visits Orders Conversion ABV Active Customers* Leveraging investment in automation to enhance delivery proposition H1 20 KPIs +21% +26% +21% -10bps +1% 8.7m (+18%) H2 20 KPIs +22% +14% +8% -20bps (3%) 9.2m (+18%) * 12 month measures - Active customers defined as having shopped in the last 12 months as at 31 August. FY 20 KPIs +22% +20% H2 performance supported by closure of retail outlets +14% -20bps (1%) 9.2m (+18%) 11 asos#12US performance Strong start to the year supported by improved stock offer, second half impacted by Covid-19 consumer demand and airfreight disruption US stock offer disrupted by Covid-19 airfreight restrictions Retail Sales Visits Orders Conversion ABV Active Customers* US delivery proposition improvements resonating well; NDD mix continues to grow H1 20 KPIs +25% +16% +21% +20bps +2% 3.1m (+19%) H2 20 KPIs +11% +22% (3%) -60bps (5%) 3.2m (+14%) * 12 month measures - Active customers defined as having shopped in the last 12 months as at 31 August. FY 20 KPIs +18% +19% +9% -20bps (2%) 3.2m (+14%) Continued focus on developing US stock offer 12 asos#13200 ROW performance Localised trading stance supported customer momentum Solid growth in Australia despite significant disruption to airfreight Retail Sales Visits Orders Conversion ABV Active Customers* Standout growth in MENA region supported by strong Ramadan H120 KPIs +20% +24% +19% Flat +6% 3.7m (+23%) H2 20 KPIs +16% +15% (6%) -30bps +18% 3.9m (+18%) * 12 month measures - Active customers defined as having shopped in the last 12 months as at 31 August. Joull Growth in items per basket and ABV driven by optimisation of delivery proposition FY 20 KPIs +18% +19% +5% -20bps +12% 3.9m (+18%) 13 asos#14Gross Margin¹ Distribution Costs¹ Other Costs (13.6%) Warehouse (9.6%) Marketing (3.7%) EBITDA Margin Depreciation FY20 % of sales incl IFRS 16 EBIT Margin 47.4% 8.2% Income statement FY20 % of sales excl IFRS 16 IFRS 16 Impact (13.6%) (10.0%) (3.7%) (12.3%) 40bps (12.7%) 4.6% 40bps (3.6%) (80bps) 47.4% 7.4% (2.8%) 4.6% FY19 % of sales 48.8% (15.2%) (11.0%) (4.4%) (14.3%) 3.9% (2.6%) 1.3% 'Distribution costs benefited from local distribution in the US which has offset additional costs incurred in gross margin for freight and duty. Note: Above table subject to rounding Underlying Change (140bps) 160bps 100bps 70bps 160bps 350bps (20bps) 330bps CD BRONK TE 20 14 asos#1533.1 FY19 PBT c.£45m net Covid-19 tailwind from reduction in return rates 57.4 Growth & Scale Efficiency *Depreciation excluding IFRS 16 **Including net profit drag from IFRS 16 (20.6) Inflationary & Other Cost Drags 27.3 Euro Hub Automation Profitability Euro Hub automation driving significant efficiency (14.3) US Hub Manual Operation 50.2 Non Strategic Cost & Reinvestment (14.9) FX c.£50m net cost benefit from removal of non-strategic cost (21.1) Depreciation* 45.0 Net Covid Tailwind 142.1 FY20 PBT 15 asos#16(90.5) Opening Net Debt FY19 Strong cash position driven by record EBITDA and proactive capital raise Includes c.£89m benefit from later than usual peak stock build 240.9 Cash flow and net cash EBITDA Excl IFRS 16 Note: The above bridge is on an excluding IFRS 16 basis 141.5 Underlying Working Capital (19.2) Warehouse and Facilities Transformation Underlying improvements in working capital and lower capital expenditure (9.2) Capex Spend Warehouse and Facilities (28.0) Tech Transformation (60.2) Tech Platforms TUSA 239.4 Closing position enhanced by timing of peak stock build Proceeds from Equity Raise (7.2) Other 407.5 Closing Net Cash FY20 16 asos#17Outlook for customer behaviour 427 4727 44 We expect underlying returns rates to continue to normalise... MEGTALASE MAGTAL AN Sep Oct Nov Underlying Return Rate Dec Jan YOY Feb Mar Apr May Jun Jul Aug -FY20 874 FY19 60% 50% 40% 30% 20% 10% 0% -10% -20% -30% 17 L'A ...whilst we expect demand for 'going out' product to remain subdued GETAL AGAMETN PIN 25% of mix -10% mix change Going Out* P4 Sales Growth 40% of mix +10% mix change Casual, Activewear & F&B *Dresses, formal wear and fashion footwear ASOS Excluding Going Out 17 asos#18sa Expectations, technical & funding Funding platform £408m Net Cash A 24 + £350m RCF Robust financial position; positioned for growth despite uncertainty ahead → Net cash position to support trading and operations; RCF providing contingency for volatility Expectations & Technical Capex increasing to £170m-£180m including rephasing of TGR and commencement of investment in 4th Fulfilment Centre → Expect to absorb ongoing incremental Covid-19 costs of c.£22m from warehouse and freight disruption → Brexit preparations well advanced; financial impact assessment of WTO tariffs estimated at c.£25m "CHAN Follo 18 asos#19Building a Global Retail Leader Nick Beighton | CEO 19 asos#20FAT The ASOS vision To be the #1 destination for fashion loving 20-somethings worldwide HLAVO įTEA ATALAN 20 asos#21₁₁ We become the #1 destination, by meeting all the fashion needs of 20-somethings in a way that engages, inspires and excites through... 20 H The ASOS Brands Design that can't be found anywhere else HT HT The ASOS Platform One platform with all the relevant product, all of the time HI The ASOS Experience Inspiring, exciting, friction-free and personalised 21 asos#22Our strategy is to deliver this worldwide, supported by an effective, efficient and sustainable model ₁₁ L.1 2. The ASOS Brands Eij. Design that can't be found anywhere else 1-ML JENJ-Z. L. 1. Truly global retailer 3. The ASOS Platform One platform with all the relevant product, all of the time 4. The ASOS Experience Inspiring, exciting, friction-free and personalised SEV=I* 5. Effective, efficient and sustainable model 13-5 MEESUS ANTESIS NTFSIŁ 22asos#23We are pursuing a clear set of priorities to guide our focus over the next 3 years 01. Expand our overall scale and local scale by accelerating growth in key markets 02. Grow our unique ASOS brands by launching new brands and improving on both speed to market and price 03. Enhance our flexible and multi-brand platform by growing high potential categories, implementing flexible fulfilment and improving our proposition 04. Improve our inspiring and personalised customer experience through the application of data science and Al to deliver the most engaging experience Develop our effective, efficient and sustainable model by transforming our 05. talent and improving cross-functional ways of working and further driving responsible fashion into everything we do 23 asos#24Our journey to becoming Truly Global started with building the foundations Retail Sales £m 324 2011 2012 ESTABLISHING UK BUSINESS 2013 2014 1,112 2015 GROWING AS A UK EXPORTER 2016 2017 2,355 2018 2019 3,171 2020 BUILDING GLOBAL INFRASTRUCTURE 2021 BECOMING A TRULY GLOBAL RETAILER 2022 2023 2024 24 asos#25GI 7. L.T H JEA BAJ 17.4 2. The ASOS Brands JENJU. 1. Truly global retailer 3. The ASOS Platform FREEST 5. Effective, efficient and sustainable model PHTEGU JEN 4. The ASOS Customer Experience EST Expand our global reach and local scale by accelerating growth in key markets PRZESY SEVER 25 asos#26TGR is transforming our Technology to enable global growth ($ Planning and ranging by fulfilment centre... Supporting Full Price Sales Planning tools to optimise the width, depth and size range of product in each fulfilment centre Driving Availability Better visibility of intake and commitments across the supply chain ...trading dynamically by market Sharpening Pricing Greater flexibility and speed on pricing by market Enhancing Choice Giving customers access to product from across our global stock pool Unlocking key brands DTC SEVA 26 Wokantok SMSHOK artekoji#27Our warehouse capabilities UK Hub Barnsley 720k sq ft Automated solution Net sales throughput of c.£1.5- 1.8bn Fulfilling UK and ROW infrastructure delivers global to support our ambitions Supports UK NDD with 10pm cut off and 2 day Express to Australia 900k sq ft Euro Hub Berlin Automated solution Net sales throughput of c.£1.5- 1.8bn Fulfilling EU and Russia -- 00 ********* US Hub Atlanta 1000k sq ft Manual solution with possibility to automate Net sales throughput of c.£0.7- 1.0bn Fulfilling US Supports Germany NDD with 2pm cut off, Berlin Same Day and Express to Russia KOLAADSENONSASEOKAADET Supports NDD to over 99% of US customers 27 REVA#28We are continuing to invest in capacity to support our growth trajectory 13% ASOS will outgrow Barnsley capacity in the next few years ASTALAS Retail Sales £m UKROW 232 1,304 1,764 699 11 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Russia fulfilment switched to Euro Hub to provide current headroom for UK growth ALATAGA Deploying learnings from our previous fulfilment centre builds.. LAGE 2534877 Gradual project build Project timing designed to allow gradual ramp up ahead of capacity requirements for peak FY23 Capacity at risk reduced Capacity and fulfilment capabilities in existing 3 fulfilment centres reduces risk of disruption when bringing 4th centre on stream Greater experience managing new facility ramp up Deploying learnings and implementing stronger cross-functional approach to build (3) X'I ...and developing capacity now ahead of requirements STAL ASEMET AN www I www 2nd UK Hub Lichfield 430k sq ft Manual solution to be automated Phased ramp up from H1 22 Flexible fulfilment for UK and ROW c.£90m investment over 3 years 28 asos#29HAIR LEGRAPH ES 2. The ASOS Brands NAU 1. Truly global retailer GJY 3. The ASOS Platform 5. Effective, efficient and sustainable model MONTESIS WALES J. 4. The ASOS Customer Experience WALESU Grow our unique ASOS brands by launching new brands and improving on both speed to market and price F 29 asos#30dank fupuppe The ASOS Brands Architecture ASOS Brands asos DESIGN asos EDITION Logo Carriers UNRVLLD/SPPLY ACTUAL franke asos LUXE future asos 4505 asos MADE IN KENYA CROOKED TONGUES daysocial 4506 5000 Venture Brands COLLUSION* COLLON RECLAIME AS YOU VINTAGE Destinations OUTLETⓇ asos MARKET PLACE 30#31BMW asos 4505 Collusion & ASOS 4505 Delivering great growth with strong demand through lockdown Reasons to SAOW DI SNOSTEH 4505 +89% vs LY Collusion +44% vs LY 25 COLLUSION* 31 asos#32ASOS Luxe & Dark Future Performance supported by increased product choice and influencer campaigns 4501151 HIGHI SPREHRANA ARANY —115 WKENM - AIZ=115. GVC 824753 Fahd doanoke latinos TEATER FUTUBE 32 asos#33Continuing to develop our brands at speed Launching As You - fashion forward product at lower price points WEEK 1 Start of supplier visits to scope capacity with sourcing partners Drop 1 sketching started WEEK 2 AsYou Brand created Brand identity established Team scouted WEEK 4 Supplier Capacity secured WEEK 5 Drop 1 sample model fittings 19 WEEK 6 Drop 1 production begins Studio test shoot WEEK 7 Test shoot samples ordered and PR samples made Drop 2 Brainstorm WEEK 8 M Model fits begin (As You 201 Sign off approved factories/supply partners Influencer Strategy finalised WEEK 9 WEEK 11 Product shot in ASOS studios A 东 PR/Influencer and Social teasers Drop 2 production starts WEEK 12 WEEK 14 Launch CH for A#34As You Launching As You - fashion forward product at lower price points DBKXII MIELKI TERE A I I TEARE= 34 asos#35Pa 2. The ASOS Brands JEN JELA 1. Truly global retailer ESTA ANTES 3. The ASOS Platform 5. Effective, efficient and sustainable model DESTA. „NJE: Jij 4. The ASOS Customer Experience ASEAN Enhance our flexible and multi-brand platform by growing high potential categories, implementing flexible fulfilment and improving our proposition KVEI 24 35asos#36H Increasing choice through our multi-brand platform with development of relevant categories Activewear "Curating the best edit of sports lifestyle and activewear product for our 20- something customer from the most globally relevant brands" THE RTH ACE - +49% FE FY20 Activewear Sales W KR +73% FY20 Face + Body Sales Face + Body "The best global edit of brands spanning mass to luxury, supporting ASOS' purpose to give customers confidence to be who they want to be... A wonderland of possibilities with endless ways to be you" 36 asos#37Flexible Fulfilment will further enhance curated customer choice on our platform Enhancing US branded offer with key brands in our network PTANTE IN Now H12 Fulfilment Bamsley, Us Atlanta, USA Fulfilment & Returns A Network Returns Doncaster, UK Fulfilment Berlin, Germany M Returns 27 Selby, UK Expand to include other brands across our network Returns Krupka, Czech Republic Returns Swiebodrin, Poland Returns Pornan, Poland Fully flexible offer STENE AN AIFA Improve availability with key brand partners with D2C 3 LAIN Choice and Availability Enhance range with new partners offering D2C TETERA FY23 T TARD Global Brand Partnerships 37 asos#38LEGRA 1-2.1 2. The ASOS Brands ANJU. Eij SIJA 51. 1. Truly global retailer 3. The ASOS Platform Eis 4. The ASOS Customer Experience SEVERI 5. Effective, efficient and sustainable model 52. HEFSANA. PINLESS. THEESTA Improve our personalised customer experience through the application of data science and experimentation to deliver the most engaging experience 38 asos#39Continuing to build engagement through our apps & sites with a constantly evolving customer experience S="SLAGALEMDAMAMALAKIHAN Customers can now share their ASOS Product Boards with friends EXETAL Vodafone Wif + GINTARWI WER SALE?? 8 items a ALL ITEMS SAVED ITEMS EQ BOARDS NEW Share your Boards Now you can share your Boards with your friends! Edit Vodafone W + SALE?? 8 ALL ITEMS Share your Boards WhatsApp SAVED ITEMS Message METALI Anyone with the link can view this Board Facebook Stories Copy Link ... More Options BOARDS AU @ Edit Customer reviews support engagement and purchase confidence METALA PAIN laura mercier TRANSLUCENT III lauramercier ●000 Laura Mercier Translucent Loose Setting Powder £32.00 Or 3 payments of £10.67 with Klarna, or 4 of £8.00 with clearpay always intarost-free. ✰✰✰✰✰ 4.7 (12926) O SELLING FAST < ← REVIEWS ✰✰✰✰✰ 4.7 (12926 Reviews) 90% of customers recommend this product 5 stars 4 stars 3 stars 2 stars 1 star I CUSTOMER RATING Poor Poor QUALITY VALUE 37485 ★★齋齋賣 (10341) (1846) (555) (116) (68) Great Great New Today LOVE THIS!! The best selling powder by for. And I always order from III < Customers can now track orders and receive order and return status updates SEMETAL ASYG ? ORDER & RETURN UPDATES Get notifications on the status of MY ORDERS ATTEMPTED DELIVERY Order No 408419922 Order date 20 May 2020 Create Return IT'S DUE FOR DELIVERY! EQ 8 13 ORDER & RETURN UPDATES Get notifications on the status of your order. MY ORDERS IT'S DUE FOR DELIVERY Estimated delivery 19 Jul, 2020 Get ready your order is coming today! H DELIVERED TO A SAFE PLACE Delivered 19 Jul, 2020 Your order has been delivered to a safe place by our delivery partner. Use Track Order below for more information. O DELIVERED TO A NEIGHBOUR Delivered 19 Jul, 2020 Your order has been delivered to a neighbour by our delivery partner Use Track Order' below for more information. EQ 8 39 asos#40ADANA Delivering inspirational presentation and engaging content across the most relevant channels 21:29 $29.00 $40.00 asos DESIGN NEW DRESSES Frock tactics $36.00 $79.00 MUST HAVES $72.00 - $26.00 TOPS Seriously good separates -17 21:29 ← ASOS DESIGN MUST-HAVES £12.00 SORT 120 items found £48.00 ♡ ASOS DESIGN vinyl puffer jacket in FILTER ♡ £14.00 ASOS DESIGN jersey square neck rib short unitard in black ♡ £50.00 Inspirational fashion-led presentation... 21:29 7 @ Tap to se GUESS THE PRICE Ⓒ HOW MUCH ARE THESE JOGGERS? 24 28 CSOS MT+7. 21:29 (a) asos e View products ♡ QY OP Liked by joshhpalmer and 63,267 others asos Put a finger down if you're rly into this #ASOSDESIGNMustHaves @amberjepson (she/her.... more. @ *** ...supported by the most relevant influencers... Search Q Search # # asos WAY SAUCER AySauceChallenge VA ATTAY SHEIDE Home Trending CHADWICK SEMAN RIPChadwick Boseman Trending tin Rest in Power King Q Discover + 65.2M> AY SAUCE CHALLENGE BOOTS 116.4M> 2020 got so much Following For You Basos Comin' thru with the ASOS drip @lukettrotman #AySauceChallenge FASOS Sponsored no Ay Sauce - @Cashin A Home Join this Hashtag > Q Discover + Q Share ...across multiple content formats and channels JUN 40 asos#41ASPIRE DA 2. The ASOS Brands AJJ- 11.1 1. Truly global retailer 3. The ASOS Platform JEJ. 4. The ASOS Customer Experience DEVER 5. Effective, efficient and sustainable model SA TESLA MONTESILA. PINTEST. Develop our effective, efficient and sustainable model by transforming our organisation including upgrading talent and capabilities, improving cross- functional ways of working and further driving responsibility into everything we do 42 asos#42Pick Rate 140 120 100 80 60 40 20 O Leveraging benefits from our transformational investments 177 AZZA Investment in automation driving significant KPI improvements 115 FENGURAN MANTAN A Warehouse Pick Efficiency Week 1 Barnsley Eurohub Week 52 Pack Rate 180 170 160 150 140 130 AVTO Warehouse Pack Efficiency Week 1 Barnsley Eurohub Week 52 1114 43 asos#43WARE Developing our organisational culture & structure 437 4727 AAA Enhancing our organisation capabilities... PREVLORAL PREDNOSTAL 4 new executives added to complete 8 strong exec team. Reshaped our teams into more effective structures ALATA ...building a more robust model for delivering strategic change... PRESOSTAL PALACE LORS Cross functional team to co-ordinate change and projects across the business Driving alignment and momentum 15 1'7 ...and embedding greater discipline into our culture IL PREZZOSTAL ARGEN Authentic Brave Creative Disciplined 44 asos#44Delivering speed to market through an increasingly efficient supply chain Diverse and flexible global sourcing base Sourcing across 13 different regions strategically planned to maximise agility, quality and cost Optimising lead times Combining short and longer lead sourcing to optimise balance of speed and margin Leveraging technology solutions 3D Virtual fitting reducing lead time and removing cost on design, sampling and fitting In country quality control Quality control capabilities in region to ensure product is right prior to shipping HOUGHTSEEKOGSTSKOHTAGSTREET 45 asos#45Fashion With Integrity INEN FY21 priorities ENT ● T Fashion With Integrity Product ASOS Design 85% more sustainable cotton & 40% more sustainable fibres; Launched first circular design collection; 20% reduction in carbon use, 4% reduction in waste and 10% reduction in water use in our product manufacture vs. a 2012 baseline.* ".FS- GOPLE People • Strengthened requirements for brand partners with UK manufacturing, requiring commitment to Transparency Pledge and Fast Forward auditing; ● Reported through the Sustainable Clothing Action Plan, a UK-based initiative which reports only on impact of UK sales. Joined the ILO Global Proposal Call to Action; Submitted evidence to the Government, providing our recommendations on strengthening of the Modern Slavery Act Announce our ambitious commitments for Fashion With Integrity for 2025 and beyond, bringing together our workstreams across the business; WA Planet Concluded our Carbon 2020 programme, delivering a 30% reduction in carbon emissions per order since 2015; Continued rollout of low-impact electric vehicles to Berlin following launch in London LKEN FÅSAVEKEZTUS. Packaging Joined the Ellen MacArthur Initiative's New Plastics Economy Global Commitment and set a range of ambitious plastic targets for 2025; Transitioned to 90%- recycled content in our garment bags and 80%-recycled in our mailing bags, both of which are 100% Continue to accelerate our communication and engagement with our customers on these topics; PIE recyclable; Removed close to 40% of unnecessary packaging lines Further develop and launch initiatives around clothing takeback and resale, and trial reusable mailing bags. KA PLA 46 asos#46Strong profit & cash generation driven through rigorous performance management Robust funding in place to manage volatility and support future growth Summary Navigated a challenging year with a clear focus on doing the right thing for our people and partners Significant short- term uncertainty reflecting disruption to 20- something lifestyles Strengthened foundations for growth; emerging as a stronger, more resilient and agile business Well positioned to capture future global opportunity 47 asos#47Q&A Please type your question into the question box 48 asos