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Zalando Q2 Profit Down; Expects Improved Profitability In H2

Zalando SE (ZALNDY), online platform for fashion and lifestyle in Europe, posted a net income of 14.0 million euros in the second quarter, down from 120.4 million euros in the prior year.

The company expects improved profitability and a return to growth in the second half of the year, confirming its outlook for the full year.

The company's gross merchandise volume in the second quarter of 2022 came in at 3.8 billion euros, showing a flat development, compared to an extraordinarily strong second quarter 2021.

Revenue fell by 4% to 2.6 billion euros mainly due to the transition of the business to a platform model.

Zalando confirmed its guidance provided on 23 June 2022 for the financial year 2022 with Gross Merchandise Volume (GMV) expected to grow 3-7% to 14.8 billion euros -15.3 billion euros.

Annual revenue is expected to grow 0-3% to 10.4 billion euros - 10.7 billion euros with an adjusted EBIT of 180 million euros - 260 million euros in the same period.

In the second quarter the number of active customers grew steadily to over 49 million, an increase of 11% from the previous year. The company's loyalty program, Zalando Plus, grew 164% year-over-year, with now over 1.5 million members.

Zalando reduced its marketing spend and drove efficiency improvements across its European logistics network.

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