German ecommerce fashion retailer Zalando has raised its full year profit guidance after a strong second quarter that included the completion of its acquisition of About You.
For the second quarter, Zalando reported a 5% jump in gross merchandise volumes to €4.1bn (£3.57bn), a 7.3% jump in revenues to €2.8bn (£2.44bn) and adjusted profits jumped 6.5% to €186m (£162.2m).
The retailer said that it expected to deliver full year GMV of between €17.2bn-€17.6bn (£14.98bn-£15.33bn), full year sales of between €12.1bn-€12.4bn (£10.54bn-£10.8bn) and adjusted EBIT of between €550m-€600m (£479m-£522.6m).
It said that after the successful completion of its acquisition of online fashion platform About You, Zalando would “keep investing in strategic growth opportunities, reflecting its ambition to serve an even larger share of Europe’s €450bn (£391.98bn) fashion market.”
“We’re embracing the immense opportunities ahead of us with the expansion of our offerings and long-term partnerships in both B2C and B2B,” said Zalando co-chief executive David Schröder.
“In B2C, Zalando is continuing to redefine fashion and lifestyle shopping by making the customer experience more inspiring and personalised with our new AI-driven discovery feed – boosting customer engagement and supporting our advertising business. In B2B, the launch of our ZEOS Shopify application and the collaboration with About You’s SCAYLE software unit are milestones in building a software ecosystem that supports our merchants’ most strategic digital channel: their own e-commerce.”
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