BERLIN, MARCH 30, 2020 // Zalando SE, Europe's leading online platform for fashion and lifestyle, expects its quarterly results to be significantly below the analysts' consensus of March 11, which did not yet take into account the effects of the coronavirus. This is due to lower discretionary spending by European consumers as a result of the measures taken by European governments since March 9 against the spread of the coronavirus.
The company expects revenue and gross merchandise volume (GMV) growth in the first quarter to be significantly below the analysts’ consensus of March 11, despite a strong start to the year. Adjusted EBIT is also negatively impacted by lower sales growth in the first quarter and an exceptional write-down of inventories as a result of the revised sales expectations for the current season.
The median of the analysts' consensus as of March 11, 2020, was 19.0% for revenue growth, 22.8% for GMV growth and adjusted EBIT of -28 million Euro.
The guidance for the fiscal year 2020 published on February 27 had explicitly excluded negative effects from the spread of the coronavirus. Based on the current situation, the company assumes that the published forecast cannot be achieved. The Management Board will issue a new guidance as soon as the course of the corona pandemic can be estimated more reliably.
Zalando will publish further information on the first quarter in a trading statement on April 16. The company will publish its financial figures for the first quarter on May 7, 2020.
In addition, due to the spread of the coronavirus in Germany, Zalando will postpone the company's annual general meeting scheduled for May 20, 2020 in Berlin. The new date for the Annual General Meeting will be announced in due course.