Asos Appoints Dave Murray as CFO Amid Revenue Decline Implementing Strategy for Sustainable Growth
Asos, the renowned e-commerce platform, has appointed Dave Murray, former CFO of Matches, to the role of Chief Financial Officer amidst its interim results unveiling an 18% year-on-year revenue decline. Murray, whose tenure begins on April 29, brings extensive financial expertise garnered from various prominent roles, including his previous stint at luxury fashion platform Farfetch and leadership positions at Amazon and Sainsbury’s.
The interim results for the 26 weeks ending March 3, 2024, reflect a revenue decrease to approximately $1.9bn from $2.2bn in the corresponding period last year. However, the operating loss has shown improvement, dropping from £272.5m to £246.8m, partially attributed to a strategic reduction in mass discounting.
Under its “Back to Fashion” strategy, Asos has prioritized offering relevant products, enhancing customer relationships, and reducing operational costs. Notably, the company has seen significant progress in right-sizing its stock, achieving its best first-half cash performance since 2017, and witnessing substantial success in its Test & React model.
Moreover, Asos has emphasized its commitment to sustainability and operational efficiency, exemplified by its partnership with Secret Sales and the successful sale-through of 83% of AW23 stock, resulting in a notable reduction in carried-forward inventory compared to the previous year.
José Antonio Ramos Calamonte, CEO of Asos, reaffirmed the company’s dedication to its strategic priorities and expressed optimism for sustainably profitable growth in FY25 and beyond. Despite recent revenue challenges, Asos remains focused on fortifying its position in the e-commerce landscape and delivering value to its customers while driving financial performance.
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