Companies

Asos raises full-year guidance

Sep 30, 2026 United Kingdom

Citing strong progress across its three strategic pillars, the UK-based online fashion retailer has raised its full-year gross margin and adjusted EBITDA outlook ahead of the release of its fiscal 2026 results

For the year ending on the 30^th of August 2026, Asos expects a full-year gross margin above its guided range of 48 to 50%, and adjusted EBITDA above the midpoint of its guided range of 150 to 180 million British pounds.

“We are pleased to have delivered FY26 adjusted EBITDA in the upper half of our guided range, together with sequential improvement in quarterly GMV growth and gross margin above our 50% medium term target. The Company has continued to make progress across all three strategic pillars”, said José Antonio Ramos Calamonte, Chief Executive Officer.

Under the ‘Relevant Fashion Product’ pillar, Asos achieved a record sell-through rate and expanded its portfolio of partner brands. Within the ‘Inspirational Shopping Experience’ pillar, app enhancements and AI-led personalisation drove stronger customer engagement and conversion. Under the ‘Efficient Operating Model’ pillar, the retailer reduced supply-chain costs and streamlined its fulfilment network. Asset sales unlocked around 116 million British pounds, generating approximately 12 million British pounds in annual cash-cost savings.

FY Trading Update

Asos highlighted that GMV growth strengthened each quarter, reaching low-single-digit growth in the fourth quarter. Nevertheless, full-year GMV remained 5% lower than the previous year.

The improvement was widespread across core markets, with the UK and Germany returning to growth in the second half of the year, and the US in the final quarter. Women’s clothing was a particular highlight, with full-year GMV increasing by 3% year-on-year and by 8% in the second half.

The number of active customers remained stable at 16.4 million by the end of the year, compared to 16.5 million in the second half of the year. Meanwhile, the fourth quarter saw the first period of sequential customer growth since the second quarter of the 2022 financial year.

In the full year of 2026, the adjusted gross margin exceeded 50%, and the adjusted EBITDA increased by over 25% year-on-year. This was supported by improvements in margins and cost discipline. Net debt fell to approximately 110 million British pounds, as 116 million British pounds in asset-disposal proceeds was partially offset by slightly negative free cash flow.

Image Credits: lse.co.uk

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