British retailer ASOS moves to recover US tariff costs (updated)

Asos

23/04/2026 07:43

ASOS posts improved Q3 GMV, new customer growth up 9% in March

ASOS seeks $9.44 million in US tariff refunds

CEO says ASOS has not yet changed prices due to Iran war

Adds shares in paragraph 2, analyst comment in 4, CEO comment in 6, details throughout

By Yamini Kalia

April 23 (Reuters) - ASOS ASOS.L said on Thursday it had improved its performance in the third quarter, adding that the British online retailer is seeking refunds for 7 million pounds ($9.44 million) in U.S. tariffs paid during the first half of the year.

Shares in ASOS rose by as much as 10.7% to 249 pence after volatile early moves as investors digested the performance report, which followed last month's release of its topline numbers for the 26 weeks to March 1.

ASOS said its gross merchandise value (GMV) growth showed sequential improvement in the third quarter and new customer growth was up 9% in March, the first month of growth since September 2021, as it fends off competition from cheaper rivals and prioritises margins.

"The new customer growth is a good lead indicator for top line, so that gives us confidence it the long term turnaround," said Shore Capital analyst Katie Cousins.

GLOOMY RETAIL ENVIRONMENT

Retailers globally are facing falls in customer spending, higher energy costs and supply-chain snags resulting from the Iran war, with some pushing up price tags in response.

"We price according to the market ... if the market is not changing the prices, we are not changing the prices," CEO José Antonio Ramos Calamonte told reporters when asked whether ASOS had taken any pricing actions in response to the conflict.

British clothing retailer Next NXT.L said last month it may need to raise prices in June if the conflict persists.

Thousands of companies around the world are filing lawsuits challenging U.S. President Donald Trump's sweeping tariffs and seeking refunds on duties paid, after the levies were deemed illegal by the U.S. Supreme Court in February.

Online retailers are particularly vulnerable to duty costs on imported goods.

 ($1 = 0.7413 pounds)

 (Reporting by Yamini Kalia in Bengaluru; Editing by Subhranshu Sahu and Alexander Smith)

 ((Yamini.Kalia@thomsonreuters.com))