Zalando: second-quarter growth slows below consensus.

(CercleFinance.com) - Zalando, Europe's biggest online fashion retailer, reported lower-than-expected sales growth in second-quarter, which has sent the shares down this morning in Frankfurt.


According to preliminary figures, sales rose by 19%-21% in the second quarter, compared to the consensus of 22%, with adjusted Ebit of between 80 million and 86 million euros.

On average, analysts were expecting 86 million euros.

In a reaction note, Bryan Garnier points out that at this stage, Zalando has not reiterated its adjusted Ebit margin target in a range of 5%-6% for 2017.

The Berlin-based company has nevertheless launched "Zalando Zet," a new premium program that offers services such as faster delivery and personal fashion advice for 19 euros per year.

After this update, the shares were tumbling 6.5% at just under the 40 euros mark.

Copyright (c) 2017 CercleFinance.com. All rights reserved.