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Zalando upgrades its outlook for fiscal 2021

May 13, 2021 Germany
Zalando upgrades its outlook for fiscal 2021
Following exceptionally strong and profitable growth in the first quarter, continued elevated growth levels in the second quarter, and a stable outlook for the second half of the year, Zalando is upgrading its outlook for the current fiscal year
“In the first quarter of 2021, Zalando delivered the strongest growth ever since going public in 2014. We see our platform business unfolding at increasing speed, creating benefits for customers and partners alike and allowing us to make fast strides on our journey towards being the Starting Point for Fashion”, commented Chief Financial Officer David Schröder.

Based on this, the company now expects Gross Merchandise Volume (GMV) to grow 31-36% to 14.0-14.6 billion euros for the financial year 2021. The company expects revenues to grow 26-31% to 10.1-10.5 billion euros and an adjusted EBIT of 400-475 million euros in the same period. Zalando previously assumed GMV growth of 27-32%, revenue growth of 24-29% and an adjusted EBIT of 350-425 million euros for the full year 2021.

Fuelled by “exceptional new customer growth and high engagement of existing customers”, Zalando achieved its strongest customer growth since 2013, reaching 41.8 million active customers at the end of the first quarter.
 
Topline growth came in at an exceptionally high rate, with GMV growing by 55.6% to almost 3.2 billion euros and revenue growing 46.8% year-on-year to 2.2 billion euros. Growth was fuelled by a "continued rise in consumer demand for online offerings and an outstanding growth in our partner business". In addition to a very strong growth momentum, Zalando achieved a positive adjusted EBIT of 93.3 million euros or margin of 4.2%, which was mainly driven by a strong sell-through and a continued lower return rate.

Update on the Logistics Network

To enable Zalando’s future growth ambitions, the e-player will continue to expand its European logistics network of currently 10 fulfilment centres and add five fulfilment centres to the existing network by 2023: two centres in Rotterdam and Madrid are close to completion and will go live in 2021; construction works on three new fulfilment centres in France, Germany, and Poland will kick off in the next twelve months.


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