ASOS share price: what’s the latest ahead of its trading update?

The online fashion retailer will release its first trading update since the Christmas period next week, with investors hoping for a solid performance to kick-off 2020.

ASOS will unveil its first trading update since Christmas next Thursday, with investors hoping for a solid performance to kick-off 2020.

The online fashion retailer concluded its 2019 financial year with revenue growth of 12% to £2.7 billion. However, higher-than-expected expansion costs in the US and Europe took its toll on the company’s full-year pre-tax profit, with it falling 68% to £33.1 million.

However, a boost in sales over the Christmas period is expected and with the business completing much of its transformation program, investors are hopeful for a strong set of results next week that could lift its share price.

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HSBC and Goldman Sachs optimistic about ASOS’ share price

Analysts at HSBC and Goldman Sachs remain upbeat about ASOS with the pair both giving the stock a ‘buy’ rating in December and issuing price targets of £36.15 and £38 respectively.

Based on ASOS trading at £31.63 as of 11:40 GMT on Thursday the two banks believe the stock has a potential upside of 14.3% to 20.1%.

ASOS said that it is focused on improving its customer experience and with over 60% of its sales coming from international customers and the investments it’s made to strengthen its global logistics platform, the company believes it is well positioned to drive growth in 2020.

You can go long or short ASOS with IG using derivatives like CFDs.

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