Zalando SE Maintains Strong Growth in Q1 2025

Zalando SE has reported a robust performance for the first quarter of fiscal year 2025. The company's revenue saw a notable increase of 7.9% year-on-year, reaching EUR 2.4 billion, an improvement from EUR 2.2 billion the previous year. This growth was bolstered by the success of Zalando Marketing Services. Additionally, the Gross Merchandise Volume (GMV) rose by 6.5% year-on-year, amounting to EUR 3.5 billion.

The adjusted EBIT showed significant advancement, increasing by 65% to EUR 46.7 million, which translated to a margin of 1.9%, an improvement of 0.7 percentage points from the previous year. In line with these positive results, Zalando reaffirmed its full-year outlook for 2025, forecasting GMV and revenue growth between 4% to 9% compared to the previous year. It anticipates an adjusted EBIT ranging from EUR 530 million to EUR 590 million.

The guidance provided does not consider the impact of the impending acquisition of ABOUT YOU, based in Hamburg. The target price remains unchanged at EUR 46.50, and the BUY recommendation from Quirin Privatbank Kapitalmarktgeschäft stands firm.