E-commerce firm Allegro reports earnings beat, but trims Polish volume growth view

Poland’s largest e-commerce company Allegro on Thursday reported a beat on its domestic third-quarter earnings, but trimmed its annual volume growth expectations on slower start to the fourth quarter.

Allegro’s adjusted core earnings (EBITDA) were 1.04 billion zlotys ($283.5 million) in its home market in the third quarter, compared with an average estimate of 978 million in a company-compiled poll.

Allegro said it now expects its gross merchandise value, a key industry metric used to measure transaction volumes, to rise between 9% and 9.5% in Poland this year, versus an earlier guidance for around 10% growth.

It said it had seen a slow start to the Black Weeks and delayed winter season demand, with like-for-like growth in the first half of November slowing to a low single-digit percentage from above 10% growth in October. It confirmed, however, its annual revenue and profitability targets that it had revised higher in September.