Executive Summary

• Zalando grew 2Q19 total sales by one-fifth year over year to €1.6 billion, in line with the consensus estimate.
• Reversing the prior trend of a rising fulfilment cost ratio, fulfilment costs as a proportion of revenues declined 1 percentage point year over year.
• Adjusted EBIT of €101.7 million was comfortably ahead of consensus of €97 million. Management narrowed its adjusted EBIT guidance for FY19, to the upper half of the previously indicated €175-225 million range.