// At a capital markets Asos’ finance chief will tell investors that sales & profitability will rise in the future
// The retailer is looking to restore investor confidence after it abruptly parted ways with its CEO
Online fashion retailer Asos has laid out how it plans to meet its medium and long term profitability goals, seeking to restore investor confidence after it abruptly parted ways with its chief executive last month and warned on 2022 profit.
Shares in the retailer fell significantly in October when it said 2022 profit could fall by over 40 per cent due to supply chain pressures and consumers returning to their pre-pandemic behaviour.
The group said the departure of Nick Beighton, its chief executive for six years, rattled shareholders.
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At a capital markets day on Wednesday, finance chief Mat Dunn, who is now leading the business having added chief operating officer to his remit, will tell investors that sales and profitability will rise in the future.
“Our plan will ensure that we fully leverage our strong, scalable global platform to deliver our ambitions,” he said in a statement.
Asos said it aimed to “relentlessly” improve its fashion credentials, make partner brand availability better, extend product range into face and body and accelerate growth in the European Union and the United States.
Over the next three to four years, the retailer said it is targeting £7 billion of sales with an EBIT margin of at least 4 per cent, helped by a forecast doubling of Asos in the EU and U.S.