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Asos boss exits as firm warns profits to plunge

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Asos has announced its chief executive is leaving with immediate effect as the online fashion giant warned that rising costs are set to hit its profits.

Nick Beighton is stepping down after six years in the role and the day-to-day running of the firm will be taken over by Asos' finance chief.

Asos also cautioned that next year's profits could fall by as much as 40%.

The company had benefited from lower rates of people returning clothing during Covid-19 lockdowns.

Asos said this had resulted in £67.3m of cost savings, but it said that the levels of returns were now normalising.

Profits are also likely to be affected by increased freight costs, Brexit duty, outbound delivery costs and higher wages.

While adjusted pre-tax profit rose 36% to £193.6m for the 12 months to 31 August, Asos now expects this figure to fall to between £110m and £140m next year.

Asos's share price tumbled by 15% in early trading before regaining a little ground. Its share price is down 42% since the beginning of 2021.

The warning of lower future profits overshadowed its results for the year to 31 August, which showed sales rose 22% to £3.9bn.

Returns

Asos said it had attracted another 1.4 million customers over the past year as people turned to online shopping amid lockdowns.

Throughout the period leisurewear became more popular, and this added to profits as it is less likely to be returned than more formal clothes.

Asos said returns were already normalising, adding that the new customers it attracted in the last year were more likely to send clothes back.

"Asos has enjoyed a huge boost to trading over lockdowns, albeit for less-lucrative casual wear as its core demographic was stuck at home," said Sophie Lund-Yates, equity analyst at Hargreaves Lansdown.

"A reluctance to leave the house meant return rates were lower, resulting in XL margins. However, the tailwinds are easing and the Asos bubble has burst."

Asos also set out changes at the top of the business to "deliver next phase of global growth".

It said Mr Beighton "and the board have agreed that now is the right time for him to step down" as chief executive. A search for his replacement is under way but in the meantime chief financial officer Mat Dunn will oversee the day-to-day running of the business.

The company's chairman, Adam Crozier - who will also be leaving Asos shortly to become chairman of BT - said the firm had a new five-year strategy and Mr Beighton had not wanted to stay for at least half of that so it was better to make the change now.

"Asos's management and board have spent considerable time over recent months developing and validating a clear strategic plan to accelerate international growth, building on Asos's undoubted strength in the UK," he said.

"Key to that is ensuring that we have the right leadership in place for the next phase, and the changes we are announcing today are designed to ensure we deliver against our clear strategic intent."

Asos has been one of the big winners in this pandemic as people turned to online shopping during lockdowns. But it's facing the same supply chain problems as everyone else in retail including a host of increasing costs - from pay for warehouse workers to the shipping of containers of clothes from the far east, which is likely to put a huge dent in its profits for next year.

Getting the right products at the right time is also challenging. And shoppers are now settling back into to old habits when it comes to returns.

Younger online shoppers often order multiple products and send back those they don't want. But last year it saw fewer returns as its customers switched to less fitted items like leggings and hoodies.

But those charges are now starting to normalise along with overall sales. Asos has outlined ambitious plans for expansion over the next three years but that will be without its chief executive Nick Beighton who's leaving with immediate effect - a surprise announcement after 12 years with the business.

Richard Lim, chief executive of Retail Economics said Mr Beighton's departure had come as "huge surprise" and Asos was "losing someone that has been instrumental to its success over the last decade".

"The share price has been under recent pressure reflecting the challenges of delivering stellar levels of growth in a more hostile environment and tough comparisons from last year.

"Supply chain disruptions, fierce competitor dynamics and an intense focus on sustainability have created a more challenging outlook for the business over the coming years and seemingly resulted in a big boardroom shakeup."

Mr Beighton, who has been with Asos for 12 years in total, said in a statement he had enjoyed "every moment" of his time at the firm.

He said when he joined Asos had fewer than 200 people and sales of £220m, turnover was now almost £4bn selling to 26 million customers in 200 countries.

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Asos boss exits as firm warns profits to plunge

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Asos has announced its chief executive is leaving with immediate effect as the online fashion giant warned that rising costs are set to hit its profits. Nick Beighton is stepping down after six years in the role and the day-to-day running of the firm will be taken over by Asos' finance chief.

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// Matalan sees its revenues increase 19% to £291.4 million for the 13 weeks to November 27

// The retailer's pre-tax profits increased from £1.7 million to £10.6 million during the third quarter

Matalan's sales jumped to almost £300 million during the third quarter of its financial year, while the retailer's profits also surged after being boosted by its online operations.

The Merseyside-headquartered retailer reported its total revenues increased 19% to £291.4 million for the 13 weeks to November 27, up from the £244.8 million it reported for the same period in 2020.

In the three completed quarters of its current financial year, Matalan's revenues totalled £777.9 million, a rise from £578.1 million.
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The company's pre-tax profits increased from £1.7 million to £10.6 million during the third quarter while pre-tax profits for the three quarters total £11 million, up from a loss of £76.7 million for the same period last year.

Executive chairman Steve Johnson said the results "reflect a strong performance in what continue to be challenging circumstances, not just for ourselves but for the broader sector".

He added: "The flow of inbound stock has suffered delays and volatility, negatively impacting availability for customers.

"In addition, the UK logistics and labour markets have also suffered their own levels of heavy disruption, all adding significant extra costs for retailers.

"I'm pleased with the way in which our business has responded in managing these challenges, demonstrating unprecedented levels of agility in making stock available to customers as quickly and efficiently as possible.

"When ranges have become available there has been an extremely positive customer reaction with stock turning quicker than we've ever seen before.

"The reaction to our ladies ranges has been particularly strong although we know that with a more consistent level of availability we could have satisfied even more of the high level of customer demand we were seeing for the great quality, design and value that we are famous for.
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Matalan revenues reach £777.9m thanks to online sales boost

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Matalan sees its revenues increase 19% to £291.4 million for the 13 weeks to November 27 // The retailer's pre-tax profits increased from £1.7 million to £10.6 million during the third quarter Matalan's sales jumped to almost £300 million during the third quarter of its financial year, while the retailer's profits also surged after being boosted by its online operations.

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by Amber Rolfe
Writing a CV can be a stressful task, especially if you're starting from scratch...
And although there's no one-size-fits-all solution for the perfect CV, it should always be clearly formatted and short enough for a recruiter to scan quickly - and most importantly - tailored to the role you're applying for.

Not sure where to start? Here are some basic rules on how to write a CV:

What information should I include on my CV?

CVs should never be completely formulaic, but there are a few things they should always contain:

1. Personal details:

It may sound obvious, but you'd be surprised how many people forget to include their name, email, contact phone number and address. To avoid any awkward moments, make sure these are clearly presented at the top of your CV. 'Curriculum Vitae' is an unnecessary title - your name is not.

2. Personal statement

As it's the first thing that's shown on your CV, a personal statement is an essential part of standing out from the crowd. It explains who you are, what you're offering, and what you're looking for. Aim to prove why you're suitable in one short and succinct paragraph.

3. Work experience:

This section should include all of your relevant work experience, listed with the most recent first. Include your job title, the name of the organisation, time in post, and your key responsibilities.

4. Achievements:

This is your chance to show how your previous experience has given you the skills needed to make you a suitable candidate. List all of your relevant skills and achievements (backing them up with examples), and make it clear how you would apply these to the new role.

5. Education:

Your educational experience and achievements should be listed here, along with dates, the type of qualification and/or the grade you achieved - although the specific parts of education that you include in your CV will depend on your individual situation. For example, if you have more educational achievements than work experience, placing an emphasis on this section is a good idea.

6. Hobbies and interests:

You don't always need to include hobbies and interests in your CV, but mentioning relevant ones could back up your skills and help you to stand out from the crowd - not to mention give you something to talk about at an interview. Just don't say you enjoy socialising with friends just for the sake of including something. If it's not going to add value, leave it out.

Any extra information, such as reasons for a career change or reasons for gaps in career history should also be included as required.
Free CV template CV examples and samples
What words should I include in my CV?

Figuring out what words to use on your CV can be tough - especially when you're trying to fit a lot of skills and experience into a short document.

Appropriate keywords for your CV could include:

In addition to using the right words, you should also back up your attributes up with genuine accomplishments. Not only will you stand out from others with identical skills, you'll also be able to prove your suitability more effectively.

After all, anyone can say they're hard-working - but not everyone can prove it.
What words should I use on my CV?
What should I leave out?

When it comes to your CV, there are certain words and phrases you should try to avoid - and they mostly consist of overused clichés.

Not only could using them risk mildly irritating the person in charge of hiring, you could also end up blending into a sea of similar candidates.

Although all recruiters will have their own pet peeves, here are just a few of the worst CV words:

Excellent communication skills

Goal driven

Flexible

Motivated

Multi-tasker

Independent

Detail oriented

Self-motivated

Obviously, exceptions can be made if any of the above were included in the job description as an essential skill - but using examples to back them up is still crucial.
Five lines that are killing your CV What not to do on your CV
How should I present my CV?

Your CV is the first thing an employer will see when hiring for a vacancy, and how it looks at first glance will be the reason they decide to read it in more detail. Even if your skills match the role perfectly, a messy and confusing CV probably won't even get a second look.

To ensure you're painting yourself (and your skills) in the best light, you should always:

Keep it short and succinct - two sides of A4 will almost always suffice.

Choose a clear, professional font to ensure that your CV can be easily read (leave Comic Sans and Word Art back in the 1990s where they belong)

Lay it out in a logical order, with sufficient spacing and clear section headings (e.g. Work experience, Education)

Order your experience and education in reverse chronological order to highlight your most recent experience and achievements

Check your grammar and spelling thoroughly

CV layout dos and don'ts Common grammar mistakes to avoid on your CV
Final thoughts

Once you've put together your CV - don't assume it's finished.

Every job is different and tailoring your CV accordingly is vital to standing out. Edit it in line with the job description whenever you make an application, and you'll be able to ensure it matches the specifications every time.

Highlight that you're the right match for the job by outlining:

The specific skills you have to offer the employer

Relevant accomplishments and achievements

The work and educational experience you have in their field

Personal qualities that will make you right for the role

An understanding of the job requirements

Free CV review
Need more CV advice?

It takes an employer just seven seconds to save or reject a job applicant's CV. This means creating a succinct CV is absolutely vital if you want to land that all-important interview.

To find out how to make your CV stand out from the crowd, buy James Reed's new book: The 7 Second CV: How to Land the Interview .
Still searching for your perfect position? View all available jobs now

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Writing a CV can be stressful, especially if you're starting from scratch. Not sure where to start? Here are our tips on how to write a CV.