// Zalando upgrades outlook for the 2021 financial year thanks to strong first quarter
// It delivered its strongest quarter of growth since before it went public
// Active customers on its platform reached 41.8m at the end of the period
Zalando has upgraded its outlook for the 2021 financial year thanks to a “standout” first quarter.
The online retailer delivered its strongest quarter of growth since before it went public, with revenues up 46.8 per cent to €2.2 billion (£1.9 billion), while profits rose 4.2 per cent to €93.3 million (£80.7 billion).
Active customers on its platform reached 41.8 million at the end of the period, which drove gross merchandise values up 55.6 per cent to €3.2 billion (£2.7 billion).
Zalando said it now expected sales on its platform to grow between 26 per cent and 31 per cent to €10.1 billion (£8.7 billion) to €10.5 billion (£9.1 billion) and profits to come in between €400 million (£346 million) and €470 million (£406 million) for the financial year.
“In the first quarter of 2021, Zalando delivered the strongest growth ever since going public in 2014,” Zalando chief financial officer David Schröder said.
“We see our platform business unfolding at increasing speed, creating benefits for customers and partners alike, and allowing us to make fast strides on our journey towards being the ‘starting point for fashion’.”
Zalando said that, in order to capitalise on its momentum, it would continue to expand its network of European fulfilment centres, adding a further five by the end of 2023.