Zalando revenue continues to soar

Online fashion retailer Zalando has posted revenue up 23.1% to €980.2m in the first quarter of 2017 as it continues to "outperform" the European ecommerce market.

The German-based business also achieved EBIT of €20.3m, which was in line with the prior year performance and has confirmed its full-year guidance of revenue growth in a range of 20%-25% and an adjusted EBIT margin in the range of 5%-6%.

Co-CEO Rubin Ritter said "profitable growth" was its key priority. "We are determined to win further market share and reach more customers across Europe. That is why we will continue investing in the consumer experience, our technology and logistics infrastructure, as well as our brand partner proposition," he added.

Capital expenditure by the end of the quarter was €78m and the business is on course for CAPEX of €200m this year.

Zalando exceeded 20m active customers by the end of the first quarter and site visits hit 617.6m of which 68.8% came from mobile devices. Each active customer made on average 3.6 orders while average basket size was €63.