Executive Summary

• Zalando reported preliminary figures for 2Q17, with revenues of €1,091–€1,109 million, up 19%–21% year over year, and adjusted EBIT of €80–€86 million, versus the consensus estimates of €1,109 million and €86.7 million, respectively.
• Preliminary figures for 1H17 show a revenue increase of 21%–22% to €2,071–€2,089 million and adjusted EBIT of €100–€106 million, versus the consensus estimates of €2,099 million and €106.9 million, respectively.
• Zalando remains positive about the outlook for the full year, thanks to continued investment in fulfillment capabilities and the launch of the new membership program Zalando Zet.