ASOS turnaround gathers pace as GMV returns to growth
ASOS has reported significant progress in its turnaround ahead of the publication of its results for the year to 30 August 2026, with gross merchandise value (GMV) returning to growth in its fourth quarter.
The online fashion retailer said it has made strong progress across its three strategic pillars of relevant fashion product, an inspirational shopping experience, and an efficient operating model.
Subscribe to TRBGMV declined by 5% across the year, although the growth rate improved every quarter, moving into low-single-digit growth in the fourth quarter year-on-year. The UK and Germany delivered positive GMV growth in the retailer’s second half with the US also achieving growth in the fourth quarter.
Meanwhile, adjusted EBITDA increased by more than 25% due to improved gross margin, lower returns rate, and continued cost discipline.
The performance means ASOS expects to post adjusted EBITDA above the midpoint of its £150 million to £180 million guided range for the year.
José Antonio Ramos Calamonte, chief executive of ASOS, said: “The company has continued to make progress across all three strategic pillars.
“Through consistent delivery over recent years, we have strengthened our balance sheet, materially improved profitability and reached an inflection point in our Q4 active customer base, driven by new customer acquisition. These actions have laid the foundations for a return to GMV growth in Q4.
“The business is demonstrating consistent delivery, and importantly, our recovery is broadening despite the macro backdrop.
“Looking ahead, our focus remains on scaling the initiatives that are generating results today and building on this momentum as we continue towards our ambition of sustainable, profitable growth.”
