ASOS (LSE:ASC) reported an adjusted gross margin of more than 50% for its 2026 financial year, while adjusted EBITDA finished above the midpoint of the company’s guidance range.
The online fashion retailer said profitability was supported by changes to sourcing, lower product returns and cost controls.
Full-year gross merchandise value declined 5%, although ASOS reported a return to GMV growth during the fourth quarter, when it increased at a low single-digit rate.
Womenswear GMV Increases 3%
ASOS reported positive fourth-quarter trading in markets including the UK, Germany and the U.S.
Its priority Womenswear category recorded GMV growth of 3% over the full financial year.
The company ended the year with 16.4 million active customers and reported its first quarter of year-on-year active customer growth since 2022, supported by new customer acquisition.
ASOS said changes to its app and the use of AI-based personalisation are being used to increase customer engagement and conversion.
Net Debt Reduced to Around £110 Million
ASOS ended FY26 with net debt of approximately £110 million.
The company also generated approximately £116 million from the disposal of warehouses it classified as non-core.
ASOS said the transactions released capital and reduced associated annual costs, with the company planning to reinvest in initiatives intended to support future growth.
About ASOS
ASOS is an online fashion retailer serving customers across more than 100 markets.
Its offering includes own and associated brands such as ASOS DESIGN, Topshop and ARRANGE alongside products from third-party fashion brands.
The company had 16.4 million active customers at the end of the 2026 financial year and operates primarily through its digital and app-based retail platforms.
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