Zalando reverses gains, analysts flag H2 weakness

ABOUT YOU Holding SE

06/08/2025 09:23

Updates share move, adds milestone, analysts comments

** Shares in Zalando ZALG.DE fall around 5% to their lowest price since September 2024, reversing gains in early trade, with analysts flagging risk of weaker H2 sales

** The German online fashion marketplace adjusted its FY guidance to include newly acquired About You YOUG.DE, increasing its EBIT guidance

** J.P. Morgan notes a "disappointing" margin in Q2, which could pose risk into H2 given still high inventories, pointing also to lowering of the upper end of the GMV growth guidance

** "While we appreciate the recent underperformance of the shares, we think the stock could struggle to end the day much higher," it adds

** Deutsche Bank believes the picture for Q2 was not quite as good as hoped

** "Increased discounting and weaker H2 sales outlook makes this hard to navigate for H2," it says, adding the underlying picture was "mixed" even if the About You acquisition should drive earnings upgrades

** The stock is among the worst performers of Germany's blue-chip index .GDAXI

 (Reporting by Ozan Ergenay)

 ((ozan.ergenay@thomsonreuters.com))