Economy, Sci & Tech

Rocket's Zalando Quarterly Earnings Increase

Rocket's Zalando Quarterly Earnings IncreaseRocket's Zalando Quarterly Earnings Increase

Europe's biggest dedicated online fashion retailer Zalando saw sales growth slow in the first quarter after a blistering 2015, but said it accelerated again since the Easter holidays in late March, helping it reiterate its annual targets.

Quarterly revenue rose between 22.5% and 24.5% to €788-801 million, missing average analyst forecasts for €822 million ($930.92 million), Zalando said on Tuesday.

Adjusted earnings before interest and tax come to between €12-28 million, compared with consensus for €21.6 million, according to Reuters.

Ruben Ritter, management board member, said Zalando had picked up speed again since "the typically slower Easter holidays" and reiterated full-year guidance for revenue growth at the upper end of a 20-25% corridor and an adjusted EBIT margin of 3-4.5%.

Rocket Internet, which owns Zalando, has also invested in developing a similar site inside Iran. The site called Bamilo is a combination of online retailer and merchant website.