Today’s ASOS results and its historical results tell the following tales:
1). ASOS (despite marvellous sales growth) has seen their operating margin fall.
2). ASOS is experiencing free cash outflow because of higher than expected capital spending.
3). The medium-term outlook is to continue spending £230-£250m to expand, while the EBIT margin stays at 4%.
Asos financial is leaning towards more capex spending and borrowing more externally.
@Wh_biz32
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ASOS losing its competitive edge
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