ASOS Plc (ASC) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Okay. Good morning, everyone. Can you hear me? I hope so. Yeah. Okay. Thank you for coming this morning, as always. And happy to have you here. And as always, I'm sick. No, just kidding. I have a little bit of cough, but nothing. I thought it would be nice to start with a little bit of a joke. Thank you for coming. As you know, this morning we will be sharing with you our results for H1 and our level of progress in our transformation of ASOS and also our outlook and our guidance for the rest of the year. I promise this is going to be a much shorter session, so we will not be torturing you in these uncomfortable chairs for as long as we did it year-end, so I think we'll have plenty of time for Q&A at the end. So let me get it going with the main messages. So the first thing, let me just start by saying that for us it was clear that fiscal year 24 is a year of change, it's a year of transformation, the transformation of ASOS into a more agile, flexible, cash-generative, and profitable business. And in this journey, there was a very clear starting point, precondition, whatever you want to call it. That is, it was reshaping, resizing our stock, our stock profile. And that was a precondition because that was unlocking two things. On one hand, it was unlocking a lot of cash. And on the other hand, it was, if you want, the precondition when we were going to create the setup to really generate all the potential of our new commercial model. And today, I'm happy to share with you that we are having good progress in this transformation. First of all, I'm happy to say that during the first half of this fiscal year, we have produced the best result in terms of cash generation since the first half of fiscal year 27. That is 240 million pounds better than last year. And that perfor...