The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Clement Genelot - Bryan Garnier & Co Ltd, Research Division - Analyst
: I will have 2 questions from my side, if I may. The first one is on the supply chain. So with earning in Vietnam has a lag effect on product availability,
do you expect some availability issues with, let's say, of course, Nike, adidas and so on in late December and especially also in Q1 and Q2 of next
year?
My second question is rather on prices and gross margins. Do you intend to stick to a higher amended prices on your wholesale business? And do
you think it will offset lower demand in volume terms? In other words, I understand that sales growth in '22 will be more back-end loaded, but is
it just some because the comps are much tougher in H1? Or is it also because price inflation and also supply issues will affect the sales?
Question: Jurgen Kolb - Kepler Cheuvreux, Research Division - Analyst
: First one, again, on logistics. You mentioned that, obviously, automation and the work and the improvements to work with partners and customers
next year will be top of the agenda. I was wondering if you may need to make deeper investments into automation given that the cost inflation
will certainly also be felt more probably in logistics. So maybe some learnings that you have currently from these logistics issues that might affect
your overall warehouse business and logistics business overall.
And then just one thing to double check. The mentioned price increases, the suggested retail price increases that you mentioned of high single
to low double, that already affects the spring/summer collection? Or is that rather fall/winter next year?
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NOVEMBER 03, 2021 / 8:30AM, ZALG.DE - Q3 2021 Zalando SE Earnings Call
Question: Anubhav Malhotra - Liberum Capital Limited, Research Division - Analyst
: I just had a couple of questions. Most of them have been answered, but I have a couple more. Just on the guidance. So you have still maintained
the revenue guidance of 26% to 31%. And now that the 10 months in the year are already done and you have an idea of fourth quarter, how that
has been trending. I was just wondering if you could confirm to us if you would land in the top end of the guidance or not.
And secondly, on the new markets and the contribution from them, if it is possible for you to break out how much they contributed to sales growth
and what is kind of a negative effect they had on EBIT margin in this quarter.
Question: Georgina Sarah Johanan - JPMorgan Chase & Co, Research Division - Analyst
: Two from me, please. The first one, with regards to medium-term guidance, I understand that you're tracking ahead of that, ahead of the EUR 30
billion GMV at the moment. But for 2022 specifically, do you expect to be able to be within the corridor of 20% to 25% growth year-on-year, please?
Or should we be thinking about it more along the lines of a compound annual growth rate? That's my first one.
And then my second one is thank you for the color around recommended retail price increases. It's just really how we should be thinking about
this in terms of your wholesale gross margin. Do you actually expect to achieve the same gross margin in light of those retail price increases? Or
actually, would you expect to achieve the same gross profit cash but actually with a lower gross margin percentage?
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