ASOS Plc halved its losses in its latest six-month results but revenue dropped.
The online fashion giant said losses before tax for the half-year period ended 1st March 2026 were £137.9 million, down from £241.5m in the same period last year (H1 FY25).
Group revenue was under £1.2 billion, a 14% drop from £1.3bn in H1 FY25.
Gross margin grew to 48.6% from 45.1%.
ASOS stated: “In 2022, we were aware that ASOS needed to undergo a major transformation and deliver structural change to achieve our ambitious vision. We put in place a comprehensive turnaround plan centred around three distinct phases.
“First, we focused on dealing with the most pressing issue; our stock and debt levels. Second, we focused on transforming our business model to ensure ASOS can deliver sustainably profitable growth, with a renewed emphasis on building healthier, more balanced relationships with our customers. This involved moving from a promotion-led model to one centred around excitement, with customers engaging with ASOS to discover something great rather than hunting for a bargain.
“With the fundamentals of our model fixed, our attention would switch to growth, and to regaining the hearts and minds of consumers.
“Until recently, we have been focused on solving the first two steps of our journey. And as we shared in November 2025, we have significantly moved the dial on both fronts. The time has come to focus the organisation on the third step of our transformational journey.
“Over the course of H1 FY26, we have an expanding list of green shoots of growth and have delivered sequential improvement in our GMV trend in Q1, Q2 and Q3-to-date. This improving trend has followed a clear focus on the most significant parts of our business – Womenswear and UK. We have prioritised rebuilding our customer database, starting with the attraction and retention of new customers in our four core markets.”
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