Etailer Zalando has reported 11.7% revenue growth to €1.2bn (£1bn) for the three months to 30 September, in what it called a “financially challenging” period.
It said its lower-than-expected growth was mainly a result of the extended summer period, which was unusually hot, alongside reduced consumer demand and a delayed switch to autumn product.
Gross merchandise volume grew by 16.6% for the period.
Zalando reported good progression with the execution of its platform strategy, showing growth of more than 60% for The Partner Program in the third quarter.
The etailer reached a new record number of active customers, hitting 22.1 million, and orders grew by 22.8% year on year to 27.7 million.
Zalando expects its revenue growth for the full year will reach its target growth of 20%-25%.
Rubin Ritter, Zalando co-CEO, said: “We are clearly not happy with our financial results in the third quarter. Our eyes are set on building the ecosystem for European fashion at full speed and our 2020 target of doubling the business to €10bn (£8.75bn) in gross merchandise volume.
“For the fourth quarter, the team’s full focus is now on pulling off a strong finish to the year.”