(Il Sole 24 Ore Radiocor) - Milano, 25 mar - The UK online fashion retailer ASOS said that in the first half ended March 1, gross merchandise value (GMV) fell 9% year on year, a 4 percentage point improvement on the first quarter and a 2 point increase compared with the second.

The UK, the group's largest market, outperformed with a 5% drop in GMV.

Womenswear, a priority category, also outperformed group GMV delivering a 10 percantage point improvement in its growth rate in the first half compared with the second half of 2025.

In the top four markets of the UK, the US, Germany, and France combined, new customers grew 2% with sequential improvement in the second quarter of 2026 compared with the first.

The adjusted gross margin improved an annual 330 basis points to 48.5% and adjusted EBITDA rose 50%, including the negative impact of IEEPA tariffs, driven by improved gross margin, lower returns rate, and continued cost discipline.

Underlying returns rate fell by 160 basis points year on year, mainly as a result from the successful actions taken to improve transparency for customers.

ASOS confirmed its 2026 guidance of an improving GMV trajectory throughout the year, 3-4 percentage points ahead of revenue, a gross margin improvement of at least 100 basis poimts to 48-50%, and an adjusted EBITDA of 150-180 million.

pounds. It expects a broadly neutral free cash flow.

(RADIOCOR) 25-03-26 08:31:42 (0170) 5 NNNN