Fashion etailer Zalando has issued a second profit warning after hot summer weather disrupted trading.
Zalando reported that full-year sales growth is expected to be at the low end of its 20%-25% target.
Adjusted EBIT is now anticipated to be between €150m and €190m, down from the previous guidance at the “low end” of a €220m to €270m range.
Zalando blamed the “long and hot summer”, which it said had reduced demand in the fashion market generally and delayed the start of the autumn/winter season.
Along with higher discounts, profitability was hit by higher fulfilment costs.
The retailer insisted, however, that it “continues to outperform the overall fashion market significantly”.
Zalando co-chief executive Rubin Ritter said: “While current trading in the third quarter clearly does not reflect our ambition, our growth story remains intact.
“Despite the challenging market environment, we continue to invest in growth and remain committed to our target of doubling the business by 2020.”
Zalando sells almost 2,000 international brands in 17 European countries including the UK.