BERLIN (dpa-AFX) - Zalando SE (ZLNDY), an online retailer of fashion and lifestyle products, reported that its second quarter net income rose to 95.7 million euros from 56.6 million euros in the previous year.
Adjusted earnings before interest and taxes (adjusted EBIT) rose to 171.6 million euros from 144.8 million euros a year earlier. The improvement in profitability was driven by successful inventory management and lower fulfilment costs, with the EBIT margin increasing 0.8 percentage points to 6.5% of revenue.
Gross merchandise volume (GMV) rose 2.8% to 3.8 billion euros in the second quarter compared with a year ago. Revenue grew 3.4% to 2.6 billion euros compared to the prior-year period.
Zalando confirmed its full-year guidance for 2024 and expects both GMV and revenue to grow 0% to 5% this year compared to 2023. The company will continue to focus on profitable growth, with continued margin progression. Adjusted EBIT is expected to be between 380 million euros and 450 million euros.
Zalando announced that it reappointed Astrid Arndt as Chief People Officer for another four-year term, starting September 1, 2024.
The company's Chief Financial Officer Sandra Dembeck decided not to renew her contract beyond her current term which ends on February 28, 2025.
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