ASOS Plc (LON:ASC) the online fashion retailer, said it returned to quarterly sales growth in the fourth quarter of its year to the 30th of August, the first since FY22. Over the full year, gross merchandise value (GMV, the value of goods sold) fell 5% to £2,349.0m.
Adjusted revenue fell 9% to £2,240.3m, a bigger drop than GMV because commission-based flexible fulfilment counts for less reported revenue. Active customers ended the year at 16.4m, down from 17.0m, but the customer base grew quarter on quarter for the first time since Q2 FY22. The company puts fourth-quarter GMV growth at low-single-digit.
ASOS published the results at 7am today, before the London open, with an analyst presentation at 9.30am.
Profit came from margin rather than volume. Adjusted gross margin rose 340 basis points to 50.5%, lifting adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) to £170.3m from £131.6m, a margin of 7.6%. That came despite marketing rising to 8.0% of revenue from 6.8%.
Adjusted EBIT, which also deducts depreciation and amortisation, turned positive at £18.8m against a £32.2m loss. The adjusted pre-tax loss narrowed to £46.4m from £98.2m, so the group is still loss-making on that measure.
Net debt fell to £109.3m from £184.7m. ASOS received £115.5m of proceeds from selling its Atlanta and Lichfield fulfilment centres, and completed a refinancing in December 2025. Free cash flow was still negative at £16.4m, against positive £14.1m a year earlier.
Statutory profit before tax of £24.4m, against a £281.6m loss, rests on £164.5m of gains from those disposals. The chief executive struck a confident tone in the results statement:
The most important message of this year is a simple one: ASOS is growing again, and that growth is broadening across the Group.
ASOS chief executive
For FY27 the company guides to low-single-digit GMV growth and adjusted EBITDA of £180m to £200m, with positive free cash flow. The first eight weeks of the year were broadly flat on a year earlier.
That period includes the cyber incident of the 6th of October, in which an unauthorised party accessed some basic customer data. The company says no payment information or passwords were affected, and estimates the incident has cut about 2-4% of Group GMV since then, most notably in the UK. It plans a Capital Markets Event during FY27.