Zalando Posts Narrower Loss In Q1; Revenue Up 2.3%

(RTTNews) - Zalando SE (ZLNDY), a German online fashion and beauty retailer, on Thursday posted a net loss of 38.5 million euros for the first quarter, narrower than last year's loss of 61.3 million euros.

Adjusted group EBIT for the quarter was at negative 0.7 million euros, as compared to a negative 51.8 million euros a year ago.

For the first quarter, the Group revenues rose by 2.3 percent to 2.3 billion euros, and Gross Merchandise Volume rose 2.8% to 3.2 billion euros.

Looking ahead, Zalando said it is confirming its full year guidance for 2023. The group said revenue is expected to develop in the range of -1 to 4 percent, while Gross Merchandise Volume is expected to grow in the range of 1 to 7 percent.