As Berlin-based online retail juggernaut Zalando gears up for an IPO later this year, this morning the company reported solid financial results for the first quarter of 2014 - although it isn't quite profitable yet either.
Group revenues grew to 501 million euros, a 35% jump compared to Q1 2013 (372 million euros), although Zalando points out that that quarter was impacted by adverse weather conditions.
Its EBIT margin improved, the company says, but remained negative in Q1 2014 due to "seasonality and continued investment".
The start to the year has been promising, with a significant improvement in Q1 margin year on year, so we are on track with our plans for 2014. The improvement in the first quarter underlines our plan to take a significant step towards, but not quite reaching, EBIT break\-even at group level for the full year 2014.
Zalando also says it registered total visits of 332 million in the first quarter of 2014, compared to 275 million during Q1 2013. Over 38 percent of traffic to Zalando online shops is now coming from mobile devices and tablets. Active customers grew to 13.5 million at the end of Q1 2014, compared to 10.3 million at the end of Q1 2013.
Don't miss our recent, extensive profile on Zalando.