Zalando has upgraded its full-year guidance after delivering its “strongest growth ever” since going public in 2014.
It comes as it reported Q1 revenues of €2.2bn (£1.9bn) and profits of €93.3m (£80.7m), a YOY increase of 46.8% and 4.2% respectively.
The company now expects Gross Merchandise Volume (GMV) to grow 31-36% to €14.0-14.6bn (£12.1bn-12.6bn) for the financial year 2021. Zalando added it expects revenues to grow 26-31% to €10.1-10.5bn (£8.6bn-£9bn) with an adjusted EBIT of €400-475m (££346m-£411m) in the same period.
Zalando previously assumed GMV growth of 27-32%, revenue growth of 24-29% and an adjusted EBIT of 350-425m (£303m-£367m) euros for the full year 2021.
It said the performance was fueled by “exceptional “new customer growth and high engagement of existing customers, Zalando achieved its strongest customer growth since 2013, reaching 41.8 million active customers at the end of the first quarter.
Zalando CFO David Schröder said: “In the first quarter of 2021, Zalando delivered the strongest growth ever since going public in 2014. We see our platform business unfolding at increasing speed, creating benefits for customers and partners alike and allowing us to make fast strides on our journey towards being the Starting Point for Fashion.”