HAMBURG (dpa-AFX) - The online fashion retailer About You surprisingly managed to make an operating profit in the first fiscal quarter (as of the end of May). Despite the subdued consumer climate in the fashion industry and persistently high inventory levels, the group was able to counteract this with cost-cutting measures. In particular, the Hamburg-based company has spent less money on administration and marketing in recent months, as the group announced on Wednesday. About You is sticking to its forecast to also achieve a positive result for the full year. Investors are in a celebratory mood.

The share jumped significantly after the start of trading and rose by almost 26 percent to 5.57 euros in the course of the morning. Baader Bank analyst Volker Bosse referred to the company's statement that the break-even point had been reached faster than expected. He described the sales development as in line with expectations, while the operating result had clearly exceeded the assumptions. It is also worth noting that growth in the German-speaking countries was higher than that of the disproportionately larger competitor Zalando, at around four percent. The latter's shares also rose by almost five percent on Wednesday.

The price jump on Wednesday means that the shares are heading for the biggest daily gain in the two-year history of Borsen. An increase of a quarter is also extraordinary for a usually volatile stock like About You. However, the price jump is ultimately not more than a spirited recovery: Since the record of just under 27 euros reached early in 2021, the price had slumped by 84 percent in the low. The previous low of 4.27 euros dates back to May.

Analysts had actually expected an average operating loss of 16 million euros in the first quarter of the year. Instead, management generated adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) of 4.2 million euros. In the same period of the previous year, the company had still made a loss of 28.8 million euros. Meanwhile, sales barely improved as a result of the dampened consumer mood, stagnating at around 507 million euros, almost on a par with the previous year. The number of active customers continued to grow, it said, even though the size of the shopping baskets in individual orders decreased due to the continued high level of discounting.

The fashion retailer confirmed its forecast for the current year. Accordingly, the Group's management is aiming to break even for the full year (as of the end of February). To this end, sales are expected to grow in a range of 1 to 11 percent.

It is not the first time that the fashion retailer achieved a positive quarterly result. The first time the group's management achieved this was in the final quarter of 2020. The past year had not gone particularly well for About You: As a result of high costs and rampant discount campaigns, the Hamburg-based company had slipped even deeper into the red. The former SDax company had to leave the index of smaller stocks in December after a massive drop in its share price on the stock exchange./knd/mne/ngu