Zalando SE reported slightly less revenue in 2022, as more people returned to in-store shopping following the coronavirus restrictions.
The German online retailer ZAL, +4.42% on Tuesday posted annual revenue of 10.34 billion euros ($11.05 billion), down 0.1% from 2021.
Gross merchandise volume–a key indicator of sales performance–increased 3.2% to EUR14.80 billion.
Zalando enjoyed turbo-charged growth during the pandemic as coronavirus restrictions forced consumers to shop online. However, the easing of the pandemic and the lifting of those restrictions last year meant shoppers are now largely back in stores.
Net profit fell to EUR16.8million from EUR234.5million the year before. The adjusted earnings before interest and taxes, which is Zalando's preferred measure for profitability, fell to EUR184.6million from EUR468.4million. This resulted in an adjusted margin of 1.8%.
Zalando said in November that it expected annual sales growth of up to 3%, gross merchandise volume rising by 3%-7%, and adjusted earnings between EUR180 million and EUR260 million, though it cautioned these should come in at the lower end of forecasts.
For 2023, Zalando said revenue could fall up to 1% or grow up to 4%. Gross merchandise volume should rise by 1% to 7%, and adjusted earnings is expected between EUR280 million and EUR350 million.