Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • Nikkei

    40,369.44
    +201.37 (+0.50%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Bitcoin USD

    69,924.76
    -468.48 (-0.67%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • FTSE Bursa Malaysia

    1,536.07
    +5.47 (+0.36%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

Zalando Shares Slump After Full Year Profit Warning

By Scott Kanowsky

Investing.com -- Shares in Zalando (ETR:ZALG) slumped to an eight-year low on Friday, after the German online fashion retailer revised down its full-year results.

Zalando said it now expects annual adjusted operating profit to come in between €180 million and €260 million on revenue growth of 0% - 3%.

In a statement on Thursday, the company added that earnings in the second quarter will also come in "significantly" below analyst estimates. It cited a deterioration in macroeconomic conditions that have hit consumer confidence in Europe.

The announcement marks Zalando's second profit warning in two months.

ADVERTISEMENT

"The company’s previous outlook, from early May, pointed to the lower end of full year guidance based on anticipated challenges but also early signs of a potential recovery. Management now expects macroeconomic challenges to be longer lasting and more intense than previously anticipated," Zalando said.

It added that an effort to cut costs and cater offerings to consumer demand is expected to help boost growth in the second half of the year.

However, Zalando said it does not assume consumer confidence to rebound in the short-term.

Related Articles

Zalando Shares Slump After Full Year Profit Warning

Toyota recalls first mass-produced EVs less than 2 months after launch

Ryanair cabin staff strike cancels dozens of flights in Europe