ASOS Shares Jump After Trading Update Signals Turnaround
ASOS shares rose sharply on Thursday after the online fashion retailer’s FY26 pre-close update showed a return to sales growth, margin above guidance and a big cut in net debt.
ASOS (LON: ASC) shares rose 7.6% on Thursday after the fashion retailer’s FY26 pre-close trading update pointed to a turnaround gaining traction.
The update, covering the year to 30 August 2026, showed gross merchandise value, the total value of goods sold including partner-brand sales net of returns, returning to growth in the fourth quarter after a multi-quarter decline.
ASOS traded at 462.5p on Thursday morning, up from Wednesday’s close of 430p, taking the shares above their roughly 412.5p-433p range over the previous fortnight.
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Group GMV growth improved every quarter through FY26, reaching low-single-digit growth in the fourth quarter after a multi-quarter decline, with the UK, Germany and the US all contributing. Full-year GMV was still down 5% year on year. Active customers also grew quarter on quarter for the first time since the second quarter of its 2022 financial year, a sign the turnaround is reaching the customer base as well as sales.
ASOS (LON: ASC) share price, 10-24 September 2026 (pence). Source: LSE/EODHD.
Profitability also beat guidance. Adjusted gross margin came in above 50%, ahead of the 48-50% guided range and past ASOS’s own medium-term target, while adjusted EBITDA, underlying operating profit before interest, tax, depreciation and amortisation, rose more than 25% year on year, above the midpoint of the £150m-180m range the company had guided.
Net debt fell to around £110m at the year-end, down from £184.7m a year earlier, helped by a roughly £116m disposal of the non-core Lichfield and Atlanta warehouses, which is expected to generate about £12m of annual cash savings.
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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.
José Antonio Ramos Calamonte, ASOS Plc
ASOS will report full FY26 results on the 5th of November, with an analyst presentation and live webcast. The shares remain well below their prior highs, but Thursday’s update points to a balance sheet and customer base both moving in the right direction ahead of that report.
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