May 6, 2020 / 7:52 PM / a month ago

Zalando forecasts sales to grow 10-20% in 2020

BERLIN, May 6 (Reuters) - German online fashion retailer Zalando said sales were recovering after an initial hit from the coronavirus lockdowns and it expects full-year sales growth of 10-20% and a return to profitability after it posted a first-quarter loss.

Zalando said first-quarter sales rose 10.6% to 1.5 billion euros ($1.62 billion) and an adjusted operating loss of 98.6 million euros, within the range it predicted when it reported preliminary first-quarter results last month.

Europe’s biggest online only fashion retailer said demand started to recover in April, allowing it to predict that sales will grow 10-20% for the full year and the adjusted operating profit will come in at 100-200 million euros. ($1 = 0.9263 euros) (Reporting by Emma Thomasson)

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