Berlin-based etailer Zalando expects double-digit growth in 2020 despite the challenging trading environment due to the ongoing coronavirus crisis.
The etailer expects to grow its gross merchandise volume by 10 to 20% and its revenue in the same range.
It expects to be clearly profitable with an adjusted EBIT between €100m (£87m) and €200m (£174m) with planned investment of between €230m (£197m) and €280m (£240m).
Rubin Ritter, co-CEO, said: “We are confident that we will grow double-digit and at a clear profit in 2020. This will allow our partners to grow and gain market share in a challenging economic environment by building their business on Zalando. Many of them have significantly increased their activities on our platform in the past weeks, and we will continue to make it easier for them to reach customers across Europe.”
In the first quarter of 2020, Zalando grew its GMV by 13.9% to €2bn (£1.7bn) and its revenue by 10.6% to €1.5bn (£1.3bn).
The etailer recorded a negative EBIT of €98.6m (£85.9m) as a result of an exceptional inventory write-down of €40m (£34m) as a result of the revised sales expectations due to coronavirus.