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LONDON - Europe's biggest online fashion retailer Zalando sees continued pressure on demand for the rest of the year and now expects 2023 sales to decline, the company said on Wednesday as it reported weaker than expected third-quarter revenue.
Zalando now expects 2023 revenue to fall by between 0.5% and 3%, having previously guided to a 1% decline at worst and a 4% gain at best. Third-quarter sales of 2.275 billion euros missed analysts' estimates and were down 3.2% from the same quarter last year. Apparel has been one of the weakest segments for online retailers in Germany, according to ecommerce industry association BEVH. Online apparel sales fell 17.5% in the third quarter compared to the same period last year, BEVH said in a report published last month.
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