CORRECTED-UPDATE 1-Zalando says sales up since Easter helped by Beyonce

(Corrects spelling of name, paragraph 6)

* 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

BERLIN, April 19 (Reuters) - Zalando reportedslower first-quarter sales growth after a blistering 2015, butEurope's biggest dedicated online fashion retailer said saleshad accelerated since the Easter holidays in late March andreiterated its annual targets.

Fashion retailers such as H&M and Next havereported a weak start to 2016 due to an earlier Easter than lastyear and a late start to spring, although Zalando's closestrival ASOS is still growing fast.

Zalando said on Tuesday that quarterly revenue rose bybetween 22.5 and 24.5 percent to 788 to 801 million euros,missing average analyst forecasts for 822 million euros ($930.92million), and down from 28.5 percent growth in the first quarterof 2015.

Zalando shares fell more than 5 percent following theresults before paring some of their losses to stand down 3.8percent at 0721 GMT.

"Investors may be a bit disappointed by theweaker-than-expected first-quarter sales growth, but we expectthis will be somewhat offset by management's commentary thatsales have picked up since Easter," said Bernstein analyst JamieMerriman.

Management board member Rubin Ritter said Easter was usually slower as people were on holiday, but sales had picked up againsince then, helped by heavy marketing for the launch of a newsports 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) come 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.

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.

($1 = 0.8830 euros) (Reporting by Emma Thomasson; Editing by Maria Sheahan)