Zalando : Q3 2018 sales miss consensus estimates; scalability of business model seems to have peaked
>Sales miss, declining gross margin, operational issues - Zalando reported its Q3 2018 results today (06 Nov.). Sales of € 1,200m (+11.7% yoy) were roughly in line with our forecast of 1,209m (+12.5% yoy) but 2% below consensus of € 1,222m (+13.7% yoy). Zalando attributes this shortfall mainly to a delayed start of the season in September due to the warm weather. The gross margin narrowed from 41.0% to 39.6% (although it decreased less the consensus estimate of 38.3%)...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.
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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