* Expects Q1 revenue 788-801 mln vs consensus for 822 mln
* Reiterates 2016 revenue, EBIT margin targets
* Says sales up since Easter helped by new Beyonce label
* Shares down 1.9 pct, at a discount to ASOS (Adds analyst comment, share price)
By Emma Thomasson
BERLIN, April 19 (Reuters) - Zalando, Europe'sbiggest dedicated online fashion retailer, said the launch of anew sports label by Beyonce had boosted sales since the Easterholidays after revenue grew less rapidly than expected in thefirst quarter.
Analysts have become accustomed to Zalando beating theirexpectations, with revenue having increased by a third in 2015.But the fashion sector got off to a slower start this year dueto an earlier Easter and a cool early spring.
Zalando said first-quarter sales rose around 23-25 percentto 788 to 801 million euros, missing consensus for 822 millioneuros ($931 million).
Zalando's shares were down 1.7 percent at 0850 GMT, comparedto a 1.4 percent firmer European retail sector. Thestock is now trading at 55 times forward earnings, a high figurebut a discount to Britain's ASOS which is on 57 times.
Launched in Berlin in 2008, Zalando serves customers in 15European markets with more than 1,500 brands, including bignames such as Gap, Banana Republic and Topshop.
Rival ASOS, recovering from a tough 2014 when it issuedthree profit warnings and suffered a warehouse fire, has seenits shares rise 13 percent this year, buoyed bystronger-than-expected sales for the first half to Feb. 29.
"A solid update, certainly not smashing out of the park a laASOS," said Jefferies analyst David Reynolds, noting thatZalando is still outpacing ASOS in Europe, estimating theBritish firm grew just 15 percent in January and February.
Zalando management board member Rubin Ritter said Easter wasusually slower as people were on holiday, but sales had pickedup again since then, helped by heavy marketing for the launch ofa new sports label, Ivy Park, co-founded by pop star Beyonce.
"We are positive for the season but you have to take theweeks and seasonality as it comes," he told Reuters.
Adjusted earnings before interest and tax (EBIT) came tobetween 12 and 28 million euros, compared with consensus for21.6 million, while the adjusted EBIT margin should be 1.5 to3.5 percent. Zalando reports full quarterly figures on May 12.
Zalando reiterated full-year guidance for revenue growth atthe upper end of a 20 to 25 percent range and an adjusted EBITmargin of 3.0 to 4.5 percent. ($1 = 0.8830 euros) (Reporting by Emma Thomasson; Editing by Maria Sheahan andKeith Weir)