Zalando Plunges After Cutting Guidance on Worsening Economy [Business News Network (BNN) (Canada)]
ASOS PLC UNSP/ADR (ASOMY)
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Source: Business News Network
The stock dropped as much as 17% in early German trading. It's fallen about 70% this year. The retailer said late Thursday that it expects full-year adjusted earnings of 180 million euros ($190 million) to 260 million euros, well below previous guidance in May of 430 million euros to 510 million euros. The second quarter is still profitable, but weaker than expected, Zalando said. While sales for online retailers boomed during lockdowns, when people were forced to shop online, that growth has since cooled as normal shopping patterns return. Record euro-zone inflation is also hitting consumer confidence. “After some promising signs of improving consumer demand between the end of April and May things seem to have deteriorated significantly in June,” said Guido Lucarelli, an analyst at Citigroup, adding that he didn't see much hope for a recovery in the second half, “and possibly neither in the first half of 2023.” Asos Plc and Boohoo Group Plc, two of Britain's biggest e-commer
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