The latest from the boardroom
Final results for the 52 weeks to 31 August 2025
“We have tested, refined and built the ‘new ASOS’ to bring customers better products and a more seamless experience. We reshaped our product offering and inventory management, improved our gross margin profile and cost base, and sharpened our customer proposition. In FY25, these changes delivered a step change in profitability, with gross margins up 370bps YoY and adjusted EBITDA up more than 60% YoY, despite continued volume deleverage. These improvements give us confidence that we now have the right foundations to deliver the best of ASOS in a way that is sustainably profitable.”
Final results for the period to 31 August 2025
Gross Merchandise Value1
£2,456.3m
Like-for-like growth rate: (12%)
FY24: £2,817.8m
Adjusted gross margin2
47.1%
Change: +370bps
FY24: 43.4%
Adjusted EBITDA2
£131.6m
FY24: £80.1m
Free cash flow2
£14.1m
FY24: £37.7m
Cost to serve3
42.0%
FY24: 40.7%
Inventory
£402.3m
FY24: £520.3m
