June 17, 2020 / 4:06 PM / 15 days ago

Zalando expects strong results as fashion goes online

BERLIN, June 17 (Reuters) - German online fashion retailer Zalando said on Wednesday it expected a bigger increase in sales and operating profit in the second quarter than analysts are forecasting as the coronavirus pandemic prompts more people to shop online.

Europe’s biggest online only fashion retailer said it had observed a strongly increased preference for digital offerings and had also been helped by its strategy of shifting to become a marketplace for brands rather than just selling its own stock.

Zalando noted that the median forecast of the analysts surveyed by the company as of May 25 was for revenue growth of 16% and adjusted earnings before interest and taxation (EBIT) of 104 million euros ($116.65 million). ($1 = 0.8916 euros) (Reporting by Emma Thomasson; Editing by Jon Boyle)

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