Zara owner Inditex posts first-ever quarterly loss
Zara owner Inditex has reported its first-ever quarterly loss as the coronavirus crisis took its toll on the group’s bottom line.
The fashion giant, which also owns Bershka, Pull & Bear and Massimo Dutti, booked a loss of €409m (£363m) in the three months to April 30.
Sales across its fascias dropped 44% to €3.3bn during the period as store closures hammered revenues. At one stage, 88% of Inditex’s global store portfolio was shuttered amid the pandemic. Online sales surged 95% in April as shoppers switched to digital channels.
Inditex said sales have recovered “gradually” in its second quarter to date – 5,743 of its 7,412 shops are now open across 72 markets.
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