(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.
To contact the reporter on this story: Thomas Mulier in Geneva at tmulier@bloomberg.net
To contact the editors responsible for this story: Eric Pfanner at epfanner1@bloomberg.net, John J. Edwards III
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