(Bloomberg) -- Zalando SE unexpectedly said it was profitable in the first quarter, as the German online fashion retailer starts building a better track record of beating analysts’ estimates.
Adjusted operating profit was in the single-digit millions of euros, while analysts that the company surveyed had a consensus for a loss of 10 million euros ($11 million), the company said late Monday.
This is the fourth consecutive time Zalando’s operating profit has beaten analysts’ estimates, according to data compiled by Bloomberg. Prior to that, the Berlin-based company had a string of five misses.
The stock has surged 67 percent this year, spurred by Zalando’s new target to become as big as Swedish clothing retailer Hennes & Mauritz AB in five years, and more profitable at the same time. For this year, Zalando has said it expects operating profit to grow slightly.
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