Zalando SE

ZAL: XHAN (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Zalando Earnings: Solid Revenue Development and Flat Margin; Shares Attractive

Jelena Sokolova

Aug 6, 2025

Zalando reported rather solid revenue growth in the second quarter at 7.3%, while operating margin remained largely flat. Lowering the upper range of 2025 guidance to 4%-7% growth in pro forma gross merchandise value (4%-9% prior) and flat margin development in the quarter sent shares 5% lower.

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Zalando SE

Zalando Earnings: Solid Revenue Development and Flat Margin; Shares Attractive

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