Asos shares fell by more than 2 per cent on Thursday despite the online fashion giant’s efforts to bear down on its losses.The group cut its pre-tax loss by more than £100m to £137.9m for the six months to the beginning of March, while revenue slid 14 per cent to £1.1bn. The listed fashion outlet said it had deepened its alliance with Microsoft, embedding AI into design, buying, and customer service, resulting in a reduction in the cost per contact by over 90 per cent. The group has set out a on a turnaround strategy after it struggled with the post-pandemic downturn in the e-commerce market.
Chief executive José Antonio Ramos Calamonte promised shareholders the group would aim to restore profitability.As active customers fell 9 per cent to 16.5m; however, new customer acquisition in the UK grew by 10 per cent year-on-year, and March marked the first month of group-level new customer growth since 2021.Asos said it had repaid the convertible bonds due 2026 in full for a cash consideration of £73.6m. During the period, net debt, excluding leases, increased by £19m year-on-year to £295m mainly due to non-cash interest effects. Back in September 2024, Asos said it would sell 75 per cent of its stake in Topshop and Topman to a joint venture with Heartland, three years after it acquired it from Phillip Green’s collapsed Arcadia empire.
At the time, Asos said it intended to use the proceeds from the sale to reorganise its debt profile. Calamonte added: “The first half of 2026 has seen significant progress and momentum for ASOS, and I would like to thank our ASOSers for their commitment and energy during this period of delivery and transformation.” Asos shares fell 2.5 per cent to 219p. The stock is down by more than a fifth since the start of the year.