ZALANDO: BUY

Poor communication meant we wanted to see the print before getting involved. But FY revs +33.5% – 33.8% is inline with the guide of 33-35%, though maybe a touch light of cons, but adj ebit of 96-114m is a beat vs cons 92m vs a tough comp.

We continue to think that ZAL is a structural winner as consumption decisions shift away from the high street to online. The 20% pullback YTD provides a good entry point. BUY