Report

Zalando : Feedback from company meeting: We expect 2019e consensus to be revised down

>Gross margin might decline further - In this note we set out the highlights of our meeting with Zalando’s IR yesterday. We were surprised to learn that gross margins in Zalando’s new beauty segment are generally lower than in its existing fashion business. At group level, gross margins declined from 46.8% in Q2 2017 to 45.7% in Q2 2018, and we expect them to decrease further to 42.5% in 2018e (vs 43.6% in 2017 and 44.2% in 2016) because of discounting and a larger sh...
Underlying
Zalando SE

Zalando is an e-commerce group based in Germany. Co. is engaged in the online retailing of clothing, shoes and accessories for women, men and children. Co.'s product offering include more than 1,500 brands, including global and local brands, as well as private labels, including shoes, clothing and accessores as well as sportswear and homeware designed especially for the Co. The Co.'s product offering is complimented by the Zalando Lounge and Zalon apps, which provides registered members special offers at discounted prices. Co. also provides a combination of services that include free delivery and returns.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

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Matthias Desmarais
  • Matthias Desmarais

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