Online fashion retailer Zalando cutting hundreds of jobs
Shares in the company were down 1.6% at 1046 GMT
German online fashion retailer Zalando (ZALG.DE) on Tuesday said it was cutting hundreds of jobs across its workforce of 17,000, saying it had expanded too much and citing a difficult economic environment since the coronavirus pandemic.
The planned job cuts were first reported in the Financial Times, which said the online retailer's workforce would shrink by up to 5%.
Shares in the company were down 1.6% at 1046 GMT.
In its last quarterly earnings report in November, Zalando said it expected full-year revenues and operating profit to reach the lower end of its target range, citing sluggish consumer sentiment and high inflation.
In Tuesday's statement, Zalando said that while the pandemic had boosted business in 2020 and 2021, "the pandemic tailwinds have faded since 2022 and the macroeconomic environment has become more challenging."
