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Zalando raises full year guidance

By
Reuters API
Published
Jul 16, 2020
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German online fashion retailer Zalando SE increased its full year earnings guidance on Wednesday, as the coronavirus pandemic prompts more people to shop online.


Europe’s biggest online-only fashion retailer said it expects adjusted earnings before interest and tax (EBIT) of 250-300 million euros for the full year - Reuters


The company said it expects to grow gross merchandise volume (GMV) by 20% to 25% and revenue by 15% to 20% in 2020, up from its guidance from May 6 when the company had expected GMV and revenue growth of 10% to 20%.

Europe’s biggest online-only fashion retailer said it expects adjusted earnings before interest and tax (EBIT) of 250-300 million euros for the full year.

The company said that based on preliminary figures for the second quarter, it has grown GMV by 32% to 34% to 2.67-2.71 billion euros and group revenues by 26% to 28% to 2.01-2.05 billion euros, adding it expects a second quarter adjusted EBIT in the range of 200-220 million euros.

The company’s financial results for the second quarter will be released on Aug. 11.

Zalando said last month it expected a bigger increase in sales and operating profit in the second quarter than analysts were forecasting, adding it had seen a strong increase in the preference for digital shopping amid the pandemic.

Before the coronavirus pandemic struck in Europe, Zalando had forecast sales growth of 15-20% for 2020, down from 20.3% in 2019, and GMV growth of 20-25%.

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