Zalando credits boost in revenue and ‘improved profitability’ to online shopping club
Zalando has credited a rise in revenue and “improved profitability” in its first quarter to increased demand for its online shopping club Lounge by Zalando.
The online fashion giant reported a 2.3% increase in group revenue year on year to €2.25bn (£1.98bn) in its first quarter, while gross merchandise volume jumped 2.8% to €3.2bn (£2.81bn).
For the quarter, Zalando broke even at an adjusted EBIT level, in comparison to the loss of €51.8m (£45.5m) reported in the first quarter last year.
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