Executive Summary

• Zalando reported 1Q19 sales of €1.38 billion, up 15.2% year over year and in line with the consensus estimate recorded by StreetAccount.
• The company’s adjusted operating income grew 1,500% to €6.4 million, with an operating margin of 0.5%.
• Zalando maintained its earlier guidance for FY19 and expects GMV growth in the range of 20% to 25% and revenue growth at the low end of the 20% to 25% range.