DGAP-Adhoc: Zalando SE: Updated Forecast for Full Year 2020 Above Market Expectations

BERLIN, MAY 6, 2020 // Zalando SE, Europe's leading online platform for fashion and lifestyle expects to grow its Gross Merchandise Volume (GMV) and its revenue between 10 and 20% in 2020. Revenue growth will be slightly below GMV growth due to stronger growth of the partner business as part of the company's platform strategy. The new growth outlook is not only above market expectations but also significantly above the expected growth of the overall fashion industry.

Zalando expects to continue to grow profitably and therefore anticipates an adjusted EBIT between 100 million and 200 million euros for the fiscal year 2020 (fiscal year 2019: adjusted EBIT 224.9 million euros). The ranges of the current outlook reflect the not yet fully predictable development of the coronavirus pandemic over the course of the year.

As part of its platform strategy, the company will continue to invest in its European logistics network and technology infrastructure and plans to invest between 230 million and 280 million euros this year (fiscal year 2019: 306.5 million euros). Furthermore, the Group expects a continued negative net working capital for the fiscal year 2020 (fiscal year 2019: minus 147,7 million euros).

The company had withdrawn its initial guidance published on February 27, 2020, on March 30, due to the unpredictable impacts of the coronavirus pandemic. The guidance outlined in February for 2020 explicitly did not take the effects of the coronavirus pandemic into account.

Dr. Martin Hager, Team Lead Capital Markets Law

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