Sales increase in the first quarter of Zalando

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German online fashion retailer Zalando’s said on Tuesday that first-quarter sales were up 46 to 48 percent, boosted by coronavirus blockages.

According to preliminary figures for the first quarter of Europe’s largest online fashion store, sales totaled € 2.22 to € 2.26 billion ($ 2.67 billion to $ 2.72 billion), while gross trade volume (GMV) – sales on its site made by the company or its partners – increased by more than half to € 3.13 to € 3.17 billion.

Last month, Zalando said it expected GMV to rise 27 to 32 percent by 2021 to between $ 13.6 and $ 14.1 billion.

For the first quarter of 2021, Zalando said it expected an adjusted profit before interest and tax of € 80 to € 100 million, compared to a loss of € 98.6 million in the same period last year.

Zalando plans to publish its full first quarter results on May 6.

By Arno Schuetze; Editors: David Goodman and Jane Merriman