London, July 1, 2026, 18:04 BST
- ASOS Plc (LON:ASC) traded up 10.76% at 319p as of 16:35 BST, the company’s investor page showed.
- Atlanta deal delivers around £48 million net, saves about £6 million a year in cash costs and is set to add a one-off pre-tax profit of about £78 million for FY26.
- Proceeds from Atlanta and Lichfield bring pro forma net debt, excluding leases, down to around £180 million from £295 million as of March 1.
- J.P. Morgan NYSE:JPM lifted its ASOS price target to 330p from 285p, according to a Reuters note posted by Stockopedia.
ASOS Plc (LON:ASC) shares jumped Wednesday after the online fashion retailer offloaded its final non-core warehouse asset. The disposal gives shareholders a cash boost big enough to shift the company’s debt profile, though sales growth still looks patchy.
ASOS traded at 319p, rising 10.76% as of 16:35 BST, according to its investor page. AJ Bell put the day’s open at 300p, with the stock touching 322p in intraday action. ASOS saw 1.69 million shares change hands, giving it a market cap of £375.08 million.
| ASOS market snapshot | July 1 |
|---|---|
| ASOS investor site price | 319.00p |
| ASOS investor site day change | +10.76% |
| Session open | 300.00p |
| Session high | 322.00p |
| Last close | 288.00p |
| Turnover | 1,693,498 shares |
| Market cap | £375.08 million |
ASOS has handed over the lease for its Atlanta fulfilment centre to an unnamed global consumer brand, and sold the automation equipment there to a DHL Group (ETR:DHL) unit. The site wasn’t running and ASOS had already fully written it down.
ASOS says selling the property will bring in about £48 million in net proceeds and cut annual costs by about £6 million, mostly from rent and other occupancy charges. The company is also guiding to a one-off pre-tax profit of about £78 million in FY26 after property liability adjustments.
| Balance-sheet item | Atlanta | Lichfield | Combined read-through |
|---|---|---|---|
| Net proceeds | about £48 mln | about £67 mln | about £115 mln |
| Annual cash savings | about £6 mln | about £6 mln | about £12 mln |
| Pro forma net debt excluding leases | — | — | about £180 mln against £295 mln as of March 1 |
| Proceeds vs AJ Bell market cap | 12.8% | 17.9% | 30.7% |
After the two warehouse exits, ASOS’s pro forma net debt is about £115 million lower, which is around a 39% cut based on net debt at March 1. The total from both deals is about 31% of the equity value AJ Bell shows after Wednesday’s move.
This is why shares reacted so strongly to the asset sale. The transaction doesn’t bring in new customers, but ASOS gets rid of cash expenses tied to an unused site and turns a written-down asset into cash.
ASOS CEO José Antonio Ramos Calamonte said the Atlanta deal is part of “strengthening the balance sheet” and “simplifying the business.” Ramos Calamonte added ASOS has moved to a new U.S. operating model, now serving American customers from wider global stock. London South East
Retail conditions remain tough. ASOS reported in March its first-half gross merchandise value dropped 9% from a year ago, though adjusted EBITDA jumped around 50%. UK GMV slipped 5%. Adjusted gross margin jumped 330 basis points to 48.5%. The company stuck to its FY26 adjusted EBITDA target of £150 million to £180 million.
The roughly £12 million in annual savings at Atlanta and Lichfield is 6.7% to 8.0% of the FY26 EBITDA guidance. That’s a small slice of revenue but a bigger cut when looking at the EBITDA line, which investors are watching for signs of a turnaround.
J.P. Morgan bumped its ASOS target to 330p from 285p after the Atlanta move, Reuters reported. With ASOS trading at 319p, the new target gave about 3.4% upside.
ASOS took in at least £66 million from selling the Lichfield site to Marks & Spencer Group (LON:MKS), according to Reuters in May. The deal also gives ASOS about £6 million in yearly savings. ASOS said then that Atlanta was its last non-core asset.
ASOS is still trading under its 52-week high of 375.30p but holding above the 52-week low of 206.50p, according to AJ Bell data.
