ASOS bosses miss out on bonus for second year running
ASOS bosses have not taken a bonus for the second year in a row as the young fashion online giant recovers from disruption caused by the implementation of new warehousing in the US and Germany and a subsequent slump in profits.
Due to the disruption – along with costs relating to restructuring and investment in sustainability, customer acquisition and customer retention – ASOS announced its year-end profits had plunged by 68% to £33.1 million in the 12 months 31 August. although sales were up 13% at £2.73 billion (with UK sales up 15%).
At its AGM yesterday it was confirmed that CEO Nick Beighton, and other directors, would not be taking a bonus. Beighton was paid a base salary of £565,000 with a total remuneration of £796,921.
The annual bonus opportunity for the current financial year remains 150% of salary for the CEO and 100% of salary for the CFO, Matthew Dunn.
Earlier this week it was revealed that the etailer had ceased the publication of its trailblazing customer magazine. Latterly the publication had been produced quarterly (though it had been monthly when it started out 12 years ago) and was circulated to 700,000 customers globally (with around 450,000 of these in the UK).
