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Unpacking the impact of COVID on our cost base Gross margin has been impacted by incremental COVID freight costs, lockdown product mix and FX movements 47.0% COVID and FX have had a 260 bps impact on GM Lockdown COVID Gross Margin category Freight Costs H1‘20 mix FX Other 45.0% Gross Margin H1‘21 ...which have offsetting impacts in operating costs, with COVID changing the shape of our underlying P&L Distribution Costs Warehouse Marketing Other Costs HY21 % of sales (12.5%) (8.7%) (5.5%) (9.7%) HY20 % of sales (14.0%) (10.1%) (4.3%) (12.8%) Change 150bps 140bps (120bps) 310bps 7 asos

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