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Zalando (XTRA: ZAL) FY17 Results: Price Pressures and Higher Fulfillment Costs Weigh on Margins

Executive Summary

  • In FY17, Zalando grew revenues by 23.4%, toward the upper end of the guided range. It grew gross merchandise volumes (GMV) by 26.5%.
  • Price competition in some European markets, coupled with higher fulfillment costs, depressed margins.
  • Net profit fell by 15.7% versus analyst estimates of a 2% increase.

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