Confirms FY guidance (Il Sole 24 Ore Radiocor) - Berlin, 07 May - The German online fashion retailer Zalando said that in the first quarter adjusted EBIT rose to a positive 28.3 million euros, representing a margin of 1.3%, compared to a negative 0.7 million euros in the prior-year period.

"The substantial improvement in profitability was driven by lower fulfilment costs and successful inventory management, leading to an improved gross margin," the company said.

Gross merchandise volume (GMV) rose 1.3% to 3.270 billion euros, while revenue fell 0.6% to 2.241 billion.

The net loss narrowed to 8.9 million euros from 38.5 million a year earlier.

Zalando confirmed its full-year guidance. It expects both GMV and revenue to grow 0-5% this year compared to 2023. Adjusted EBIT is expected to be 380-450 million euros.

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(RADIOCOR) 07-05-24 12:03:40 (0406) 5 NNNN