By Olivia Bugault
Zalando SE said Tuesday that its net profit and revenue grew in the second quarter of 2020 as brand and retail partners increased their activities on its platform.
The German Berlin-based online retailer said net profit for the quarter more than doubled to 122.6 million euros ($143.9 million) from EUR45.5 million the previous second quarter.
Revenue for the quarter came in at EUR2.03 billion, up from EUR1.6 billion, it said.
Zalando's gross merchandise volume, a key indicator for sales growth, grew by 33% to EUR2.69 billion, it said.
Zalando had already raised its forecast after releasing preliminary figures for the quarter in mid-July. Its forecast includes gross merchandise volume, or GMV, growing by 20% to 25% and revenue by 15% to 20% in the year, while adjusted earnings before interest and taxes are expected in the range of EUR250 million and EUR300 million.
"In the second quarter of 2020, around 180 new brand partners signed to the partner program," it said.
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