Zalando SE, the German fashion e-tailer, reported group revenues and adjusted EBIT exceeded expectations in the first quarter, mainly due to a strong start into the spring/summer season across Europe and the United Kingdom. Sales were particularly strong in March.
Unaudited figures indicate that revenues in the three months ended March 31 came in between €635m and €648m ($684m to $698m). That's 27 to 29 percent better than the €501 million notched the year-ago period. Zalando had forecast that sales would grow between 20 and 25 percent in the period.
Adjusted operating profit came in between €25 million to €39 million ($27m to $20m) for the quarter, up from a loss of €23 million in the same period last year. The turnaround was particularly aided by an improved gross margin and marked its second straight quarter of earnings, after turning profitable for the first time last year.
The company plans to release its final first-quarter results on May 12.