Asos Plc (ASOMF)
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ASOS slashes debt on refinancing after Topshop sale
ASOS PLC (LSE:ASC) has confirmed its net debt position has been slashed after a refinancing following the fashion group's sale of majority stakes in Topshop and Topman. Net debt has been wound down by £150 million on the proceeds from the brands' sales and the refinancing, ASOS said Wednesday, from £348.8 million as of March.
ASOS' Topshop disposal should be seen as a positive, says Deutsche Bank
Equities analysts at Deutsche Bank see a long-term benefit to ASOS PLC (LSE:ASC)'s decision to divest the majority of its Topshop and Topman ownership to the Danish holding company of Bestseller. ASOS made the announcement, alongside a £250 million bond refinancing to help strengthen the balance sheet, on Thursday.
Topshop disposal not enough to move the ASOS dial, say analysts
ASOS PLC (LSE:ASC) shares rallied 20% to a 12-month high on Thursday following news that it intends to sell the lion's share of its Topshop and Topman brands to a Danish clothing group. This rally, however, barely scratches the 90%-plus decline in ASOS' market valuation since hitting a peak in March 2021.
Topshop to relaunch after ASOS sells majority stake to Danish clothing group
ASOS PLC (LSE:ASC) has announced the creation of a new joint venture in which 75% of its Topshop and Topman brands will be controlled by Heartland, the holding company of Danish multinational clothing business Bestseller. Heartland, which was already a major ASOS shareholder, will control 75% of the joint venture with ASOS controlling the rest.
UK online retailer ASOS upbeat on annual profit despite sales warning
British online retailer ASOS said on Thursday it expects its annual sales to be slightly below its previous forecast, but guided adjusted core profit at the top end of market expectations.
