Zalando: warns on first-quarter results, guidance withdrawn
(CercleFinance.com) - Zalando is the latest retailer to withdraw its 2020 guidance.
In a statement late on Monday, the German online fashion and lifestyle platform said on Monday that it expected its quarterly results to be "significantly below" the consensus.
So far, the consensus was looking for 19% revenue growth in the first quarter, with an adjusted EBIT loss of 28 million euros.
The group's performance could prove to be off the mark as UBS analysts estimate sales in the last two weeks of March to fall by 25%-40%.
Zalando said it is also assuming that guidance for the fiscal year 2020 published last month "cannot be achieved."
The shares were up over 6% in Frankfurt after these announcements were made.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
In a statement late on Monday, the German online fashion and lifestyle platform said on Monday that it expected its quarterly results to be "significantly below" the consensus.
So far, the consensus was looking for 19% revenue growth in the first quarter, with an adjusted EBIT loss of 28 million euros.
The group's performance could prove to be off the mark as UBS analysts estimate sales in the last two weeks of March to fall by 25%-40%.
Zalando said it is also assuming that guidance for the fiscal year 2020 published last month "cannot be achieved."
The shares were up over 6% in Frankfurt after these announcements were made.
Copyright (c) 2020 CercleFinance.com. All rights reserved.