Overview

• The retailer said full-year sales and GMV were lower than expected, with group turnover missing market estimates.
• Adjusted EBITDA is now forecast at the lower end of £130 million to £150 million, roughly a 10% downgrade versus market expectations.
• Profit margins rose by about 350 basis points as the company prioritised higher‑quality, fuller‑price sales.
• Asos will extend cost reductions into FY26, including supplier renegotiations and mothballing a fulfilment centre.
• Shares fell about 10–11% in early trading to around 261p, leaving the stock down more than 40% this year, while Adidas collaborations, expanded Topshop/Topman ranges and a UK loyalty rollout show early engagement signals.