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Zalando raises 2020 full year outlook

Oct 19, 2020 Germany
Zalando raises 2020 full year outlook
One of the leading online platforms for fashion and lifestyle has raised its outlook for the 2020 financial year after registering exceptionally strong and profitable growth in the third quarter
According to preliminary figures for the third quarter of 2020, Zalando increased its gross merchandise volume (GMV) by 28-31% to 2.43-2.48 billion euros (1.89 billion euros in quarter three in 2019) and revenue by 20-23% to 1.83-1.87 billion euros (1.52 billion in similar period last year). The adjusted EBIT in the same period is expected between 100-130 million euros (6.3 million euros in the third quarter 2019).

The Germany-based company now expects gross merchandise volume (GMV) to grow by 25-27%, revenue is expected to grow by 20-22% and adjusted EBIT should be around 375-425 million euros for the financial year 2020. In a previously published outlook Zalando previously assumed GMV growth of 20-25%, revenue growth of 15-20% and adjusted EBIT of 250-300 million euros for the full year.

The online retailer benefited from an accelerated consumer shift towards digital shopping as  the COVID-19 pandemic intensified: "The continued very strong and successful execution of the Zalando platform strategy, against the backdrop of an accelerated consumer demand shift towards digital offerings in the course of the corona pandemic, has positively impacted the strong development in the third quarter. Zalando also benefited from a continued lower return rate and a substantial one-off effect caused by the reversal of the exceptional write-down of inventories. These had been booked in March, at a point in time when the subsequent fast and sustained recovery of consumer demand was not foreseeable".

Image credits: Claudio Schwarz on Unsplash

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