German online fashion retailer Zalando raises full year guidance

(Reuters) – German online fashion retailer Zalando late on Wednesday increased its full year earnings guidance, as the coronavirus pandemic prompts more people to shop online.

The company said it expects to grow gross merchandise volume (GMV) by 20% to 25% and revenue by 15% to 20% in 2020, up from its guidance from May 6 when the company had expected GMV and revenue growth of 10% to 20%.

Europe’s biggest online-only fashion retailer said it expects adjusted earnings before interest and tax (EBIT) of 250-300 million euros for the full year.

(Reporting by Kanishka Singh in Bengaluru; Editing by Sandra Maler)