Zalando: share rises after Q2 beats estimates
(CercleFinance.com) - Zalando has reported higher-than-expected Q2 operating profit on Thursday, which sent its share up nearly 8% in Frankfurt as a result.
The online clothing retailer reported an 87% jump in operating profit to E144.8m for the quarter, above the consensus of E130m.
Its total sales volume (GMV) fell by 1.8% to E3.7bn in an environment that was described as "difficult", which also translated into a 2.5% decline in sales to E2.6bn.
The Berlin-based group also tightened its annual forecasts, now expecting growth in GMV to be at the lower end of the 1% to 7% range it previously provided.
Zalando adds that it expects to generate operating profit of E300m to E350m this year, tightened up from the E280m-E350m range previously announced.
Copyright (c) 2023 CercleFinance.com. All rights reserved.