ASOS saw group sales fall 18% year on year in the 26 weeks to 3 March, with top-line revenues coming in slightly above £1.5 billion.
Adjusted losses before tax (LBT) increased from £87.4 million in the first half of 2023 to £120 million, though on a statutory basis, LBT improved from £290 million to £270 million.
ASOS cited progress under its ‘Back to Fashion strategy’, focusing on improving speed, agility, and profitability, as a highlight in the period.
However, £4.6 million of adjusted earnings (EBITDA) in the first half of 2023 flipped to adjusted losses to the tune of £16.3 million this year.
ASOS reiterated its full-year guidance of a sales decline between 5% to 15%, and a positive adjusted EBITDA.
Chief executive José Antonio Ramos Calamonte said: "At the beginning of this year we explained that FY24 would be a year of continued transformation for ASOS as we take the necessary actions to deliver a more profitable and cash-generating business.
“Under our Back to Fashion strategy, we set out three priorities for the year - to offer the best and most relevant product, to strengthen our relationship with customers and to reduce our cost to serve.
“We have delivered on each of these in the first half of the year, including right-sizing our stock ahead of target to drive our best first-half cash performance since 2017 and seeing excellent results in our Test & React model, which is growing at pace.”
ASOS also announced the appointment of Dave Murray as chief financial officer and executive director, replacing interim CFO Sean Glithero.