Zalando lifts earnings forecast, third quarter sales disappoint
Zalando, Europe's biggest online-only fashion retailer, reported an improvement in quarterly profitability on Wednesday, even as sales growth slowed, as it managed to prepare for unseasonably warm weather by ordering less stock ahead of time.
That allowed Zalando to raise its profitability forecast for 2016 for the second time in just a few months, lifting its shares by 2.9 percent by 0714 GMT, compared with a 0.1 percent weaker European retail sector.
Zalando is now forecasting a 2016 margin on adjusted earnings before interest and taxation (EBIT) of 5.0-6.0 percent, up from a previous... read more
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