Inditex posts profits rise but makes €287m coronavirus provision
Fashion giant Inditex has reported a rise in full-year profits but the advance was scaled back by a coronavirus provision.
Inditex, owner of the Zara chain, generated an 8% rise in net sales to €28.29bn and like-for-likes climbed 6.5%. The retailer said it has decided to recognise an inventory provision of €287m in the wake of coronavirus. That meant that net profit was up 6% to €3.64bn. Without the provision, it would have climbed 12% to €3.86bn.
Already have an account? Sign in here
