Zalando 第三季度销售额超出预期，并推出了首个由 AI 驱动的购物工具，但投资者关注的是利润率走弱。尽管营收强于预期，这家欧洲最大的在线时尚零售商的股价周二仍下跌约 5%。
Zalando beat sales expectations in the third quarter and introduced its first AI-powered shopping tool, but investors focused on weaker margins. Shares in Europe’s largest online fashion retailer fell around 5% on Tuesday despite the stronger-than-expected revenue.
营收同比增长 5.1% 至 31.8 亿欧元，略高于分析师预期的 31.5 亿欧元。商品交易总额（衡量通过平台售出商品的总价值）增长 7.5% 至 45.4 亿欧元。
Revenue rose 5.1% year on year to €3.18bn, slightly ahead of the €3.15bn analysts had forecast. Gross merchandise volume, which measures the total value of goods sold through the platform, increased 7.5% to €4.54bn.
更大的消息是 Zalando Extended，这一新功能将其他在线零售商的产品引入 Zalando 的应用程序，即使 Zalando 不直接销售这些产品。
The bigger announcement was Zalando Extended, a new feature that brings products from other online retailers into Zalando’s app, even when the company does not sell them directly.
从 2027 年起，Zalando 的 AI 智能体将能够代表客户完成购买，而无需将他们跳转到其他网站。家居零售商 Westwing 是首个试点合作伙伴，从大件家居用品开始。
From 2027, Zalando’s AI agent will be able to complete purchases on customers’ behalf without sending them to another website. Home retailer Westwing is the first pilot partner, starting with larger home goods.
Zalando 首席财务官 Anna Dimitrova 表示：“一年过去了，ABOUT YOU 的整合进展顺利，我们在实现协同效应方面保持了势头。”
“One year in, the ABOUT YOU integration is progressing well and we kept our momentum in delivering synergies,” said Anna Dimitrova, CFO of Zalando.
结果显示，这种转变已开始生效。商业服务营收（包括为其他品牌提供的物流和软件）增长 27.9% 至 3.54 亿欧元。
The results show where that shift is already taking hold. Revenue from business services, which include logistics and software for other brands, grew 27.9% to €354m.
该部门利润翻了一倍多，而消费者营收仅增长 2.8%。集团调整后营业利润增长 10.6% 至 1.065 亿欧元，活跃客户数量达到创纪录的 6320 万。
Profit in the division more than doubled, while consumer revenue increased by just 2.8%. Group adjusted operating profit rose 10.6% to €106.5m, and the number of active customers reached a record 63.2 million.
Zalando 首席财务官 Anna Dimitrova 表示：“与此同时，我们向平台商业模式的转型正在加速，合作伙伴业务和零售媒体以两位数速度增长，B2B 营收增长近 28%。这使我们处于有利地位，能够为客户、合作伙伴和股东创造长期价值。”
“At the same time, our shift to a platform business model is accelerating, with our partner business and retail media growing at a double-digit rate and B2B revenue up almost 28%. This puts us in a strong position to create long-term value for customers, partners and shareholders,” said Anna Dimitrova, CFO of Zalando.
毛利率表现较为疲软，下降0.9个百分点至38.7%，低于分析师预期的39.9%。Zalando将这一下滑归因于有针对性的价格投入、有效的折扣促销，以及利润率较低的企业对企业（B2B）业务贡献度不断上升。
The weaker point was gross margin, which fell 0.9 percentage points to 38.7%, below analysts’ expectations of 39.9%. Zalando attributed the decline to targeted price investments, effective discounts, and the growing contribution of its lower-margin business-to-business division.
集团还报告净亏损1800万欧元，而去年同期为盈利1250万欧元。
The group also reported a net loss of €18m, compared with a €12.5m profit a year earlier.
分析师给出了不一的评价。Jefferies指出，该零售商的运动鞋清仓计划有助于将存货降至销售额的18.4%，低于去年同期的21.8%。
Analysts offered a mixed assessment. Jefferies pointed to the retailer’s sneaker clearance programme, which helped reduce inventory to 18.4% of sales, down from 21.8% a year earlier.
与此同时，摩根大通警告称，股价可能面临进一步下行压力，理由是“来自智能体商业发展的持续结构性风险”。
JPMorgan, meanwhile, warned that the shares could come under further pressure, citing “ongoing structural risk from agentic commerce development”.
这一担忧反映了在线零售商面临的一个更广泛问题：如果AI智能体越来越多地代表消费者搜索和购买产品，如今的购物平台将何去何从？
That concern reflects a broader question facing online retailers: if AI agents increasingly search for and buy products on behalf of consumers, what happens to the shopping platforms they use today?
Zalando Extended是该公司试图在这一转变中定位自身的尝试，使其即便在产品来自其他零售商时，仍能参与交易环节。
Zalando Extended is an attempt to position the company within that shift, allowing it to remain part of the transaction even when the product comes from another retailer.
Zalando维持全年业绩指引不变，包括调整后营业利润6.8亿至7.2亿欧元。集团于2025年7月完成对德国竞争对手About You的收购，并表示整合在第三季度产生了数千万欧元、处于1000万欧元中段水平的协同效应。
Zalando maintained its full-year guidance, including adjusted operating profit of €680m to €720m. The group completed its acquisition of German rival About You in July 2025 and said the integration generated synergies worth tens of millions of euros in the mid-teens during the third quarter.