NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. FOR IMMEDIATE RELEASE

07 April 2020

ASOS PLC ("ASOS" or "the Company")

Potential equity issuance & debt refinancing

The Company has been monitoring the ongoing financial impact of COVID-19 on its business operations, and has been evaluating a number of different scenarios.  Whilst it is impossible to be precise as to all the impacts, we have stress tested our liquidity under these scenarios and are comfortable that with mitigating actions there is sufficient liquidity within our existing £350m facility.

ASOS recorded a strong performance over the first-half of the year. Sales growth was in excess of 20% as the strong momentum experienced over the peak period continued into January and February. ASOS has also made significant progress on the goal of reducing non-strategic costs which, combined with stronger performance than anticipated in the January and February sale period, has resulted in a strong first-half profit and EBIT margin.

Whilst the Company's financial position remains robust, the duration and impact of the COVID-19 related crisis remains uncertain and ASOS wants to ensure it can weather and exit the current trading environment in a position of strength. The Company confirms that it is close to finalising a potential equity issuance and extension to its debt facilities.

A further announcement will be made shortly.

This Announcement is issued on behalf of the Company by Anna Suchopar, General Counsel and Company Secretary.

Enquiries:

ASOS PLC

Nick Beighton                         Chief Executive Officer                                  Tel: 020 7756 1000

Mathew Dunn                         Chief Financial Officer

Alison Lygo                             Director of Treasury and Investor Relations                                     

Headland Consultancy                                                                                

Susanna Voyle / Stephen Malthouse             Tel: 020 3805 4822

J.P. Morgan Cazenove (Nominated Adviser)                                                                     

Michael Wentworth-Stanley / Bill Hutchings / Christopher Wood                  Tel: 020 7742 4000

Numis Securities                                                                             

Alex Ham / Luke Bordewich / Tom Jacob                                                     Tel: 020 7260 1000

About ASOS

ASOS is an online retailer for fashion-loving 20-somethings around the world, with a purpose to give its customers the confidence to be whoever they want to be. Through its market-leading app and mobile/desktop web experience, available in ten languages and in over 200 markets, ASOS customers can shop a curated edit of 85,000 products, sourced from 850 of the best global and local third-party brands and its mix of fashion-led in-house labels - ASOS Design, ASOS Edition, ASOS 4505 and Collusion. ASOS aims to give all of its customers a truly frictionless experience, with an ever-greater number of different payment methods and hundreds of local deliveries and returns options, including Next-Day and SameDay Delivery, dispatched from state-of-the-art fulfilment centres in the UK, US and Germany.

ASOS's websites attracted 239.0 million visits during December 2019 (December 2018: 188.4 million) and as at 31 December 2019 it had 21.7 million active customers¹ (31 December 2018: 18.9 million), of which 6.7 million were located in the UK and 15.0 million were located in our international territories (31 December 2018: 6.1 million in the UK and 12.8 million internationally). 

¹ Defined as having shopped in the last twelve months as at 31 December.

IMPORTANT INFORMATION

There can be no certainty that any possible transaction contemplated in this Announcement will proceed nor as to the terms on which any possible transaction might be concluded.

This Announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this Announcement or otherwise.

No securities in connection with any possible transaction contemplated in this announcement have been or will be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

No person has been authorised to give any information or to make any representations other than those contained in this Announcement.

The issue of this Announcement shall not, for the avoidance of doubt, in any circumstances, create any implication that the Company shall be required to provide further updates on the status of any matters contemplated in this Announcement (save as may be required by law or regulation).