"Operating margins will be below previous targets — about 4 per cent, well below last year. The shares dropped sharply.
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Expectations were clearly too positive. Zalando’s shares have already run up 11 per cent in July so far. Once at a discount to Asos, Zalando trades at similar price to earnings and enterprise value to sales multiples. The good news is that Zalando’s sales are still growing faster than Asos despite the former’s greater size. Second-quarter sales should still increase about 34 per cent, well above expectations.
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Growth is definitely trendier than value among investors these days. The German retailer’s margins, though, had better stabilise soon or more worries will creep in."
Crescer, crescer e dar retorno medíocre. Será que alguma vez vão recompensar os investidores?
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É impossível secar a concorrência no mundo virtual. Hão-de aparecer os especializados em nichos, dispostos a pagar mais e, hão-de aparecer os verdadeiros low-cost do futuro por mono-categorias. E estarão reposicionadas num novo meio-termo.
