Zalando's profit boosted by sports, beauty, better inventories
Q2 adjusted profit up 18.5% to 171.6 mln euros
Double-digit percentage growth in sports helps sales
Expects growth to accelerate in second half
CFO will not renew current contract beyond term
Shares jumped as much as 7% in early trading
Updates share move in paragraph 1 and 6, adds CFO comments from media call.
By Linda Pasquini
Aug 6 (Reuters) - Online fashion marketplace ZalandoZALG.DE exceeded analyst estimates for quarterly profiton Tuesday thanks to growth in its sports, beauty and designer categories and improved inventories, sending shares up as much as 7% in morning trading.
Zalando has focusedon higher-priced brands and sportswear as it competes with low-pricedretailers such as Shein.
Grossmerchandise volume - a key revenue metric forthe total value of all goods sold - rose 2.8% on the year to 3.8 billion euros ($4.15 billion) in the second quarter, while revenue grew 3.4%.
That was driven by double-digit percentage growth in the sports category, CFO Sandra Dembeck said on a media call.
The group expects overall growth to keep accelerating in the second half of 2024.
Shares were up 2% at 22.43 euros at 0834 GMT, after earlier surging as much as 7%.
Zalando launched sports campaigns in major European cities in the quarter, featuring soccer stars like Robert Lewandowski and David Alaba, to capitalize on events such as the UEFA Euro 2024 soccer tournament and Olympic Games this summer.
Beyond a boost from the Euro Cup, the company saw a "very strong performance" in running wear, Dembeck said.
In recent quarters, Zalando launched sports brands such as Lululemon, Hoka, and On Running and introduced its own sports collection.
It reiterated that it expects gross merchandise volume and revenue to grow 0% to 5% this year, with adjusted earnings before interest and tax of between 380 million and 450 million euros.
Quarterly adjusted EBITrose 18.5% on the yearto 171.6 million euros, beating expectations by 3%, analysts noted, while activecustomers rose for the first time on a quarterly basis since 2022 to 49.8 million.
Zalando said CFO Dembeck would notrenew her contract beyond the current term ending on Feb. 28, 2025.
($1 = 0.9155 euros)
Reporting by Linda Pasquini in Gdansk; editing by Milla Nissi and Bernadette Baum
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