ASOS delivered a full-year trading update on Tuesday and while it didn't give much away in terms of what's happening on the monetary front (but sales have been lower than expected and adjusted EBITDA is at the lower end of its forecast) it did show that progress is being made at the online fashion retail giant.

So for FY25, its gross profit margin rose around 350bps, “driven by the successful commercial model implementation, focusing on higher full-price sales mix and lower markdown activity”.

Its Test & React model reached more than 20% of own-brand sales, and flexible fulfilment reached 10% of third-party GMV, “enabling it to bring customers the best, most relevant product faster and more efficiently”.

Efficiencies were delivered via “meaningful improvements particularly across its su

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