(AOF) – Zalando is among the biggest drops in the Dax, with a decline in the title of 3.77% to 35.75 euros, in the wake of a degraded quarterly publication and less ambitious objectives. The German giant of the online sale of fashion items published in the first quarter of 2022 a turnover down 1.5% to 2.21 billion euros. This is the first decline in activity since the creation of the group.
This mainly invokes a very high basis of comparison, Zalando having been one of the big winners of the covid crisis with growth in the first quarter of 2021 of nearly 47%. Consumers then turned to online sales sites during the various confinements due to store closures.
The volume of business was almost stable (+1%) at 3.2 billion euros, after growth of 55.5% last year at the same time.
“Additionally, during the first quarter of 2022, consumer confidence in our markets was negatively impacted by macroeconomic developments, in particular high inflation, which was exacerbated by the war in Ukraine,” Zalando further explains. .
The period also saw a deterioration in its earnings position, mainly due to a decline in gross margin as well as an increase in the execution cost ratio amid slowing growth. The German group thus generated an adjusted EBIT of -51.8 million euros and an adjusted EBIT margin of -2.4%, against +93.3 million and +4.2% last year.
After this disappointing performance, Zalando is now aiming for the lower end of the range of its objectives for 2022 in terms of business volume (growth of 16% to 23%), turnover (growth of 12% to 19%) and adjusted EBIT (430 to 510 million euros).
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