The logo of fashion retailer Zalando is pictured in Berlin, Germany, April 10, 2019. REUTERS/Hannibal Hanschke

German online fashion retailer Zalando’s (ZALG.DE)on Tuesday said revenue soared by 46-48% in the first quarter, boosted by coronavirus lockdowns.

Europe's biggest online-only fashion retailer's preliminary first-quarter figures said sales totalled 2.22-2.26 billion euros ($2.67 billion-$2.72 billion), while gross merchandise volume (GMV) - sales on its site made by the company or its partners - rose by more than half to 3.13-3.17 billion euros.

Last month, Zalando said it expected GMV to increase by 27%-32% to between 13.6-14.1 billion euros in 2021.

For the first quarter of 2021, Zalando said it expected adjusted earnings before interest and tax of 80-100 million euros, versus a loss of 98.6 million euros in the year-earlier period.

Zalando plans to publish full first-quarter results on May 6.

Source: Reuters

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