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Zalando (XTRA: ZAL) 2Q19 Results: EBIT Beat Prompts Narrowing of Guidance

Executive Summary

  • Zalando grew 2Q19 total sales by one-fifth year over year to €1.6 billion, in line with the consensus estimate.
  • Reversing the prior trend of a rising fulfilment cost ratio, fulfilment costs as a proportion of revenues declined 1 percentage point year over year.
  • Adjusted EBIT of €101.7 million was comfortably ahead of consensus of €97 million. Management narrowed its adjusted EBIT guidance for FY19, to the upper half of the previously indicated €175-225 million range.

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