Zara owner Inditex reports sales above pre-pandemic levels

No comments

Fashion giant Inditex, owner of retailers including Zara, has reported strong quarterly sales growth and revenues have subsequently been ahead of pre-pandemic levels.

Zara, Oxford Street

Inditex stores lost 24% of trading hours because of Covid-19 restrictions

Inditex’s sales climbed 50% to €4.9bn (£4.2bn) in the first quarter to April 30. Since then, in the period to June 6, sales rose 102% year on year and were up 5% versus 2019.

Online sales in local currencies climbed by 67% over the quarter.

Inditex reported that quarterly sales were higher across all geographies and all its brands, which also include Pull & Bear and Bershka, despite losing 24% of trading hours because of Covid-19 lockdowns and related restrictions. At the end of the quarter, 16% of the group’s stores were still closed and sales were 11.5% down on 2019.

Net profit was €421m (£370m) in the quarter, compared with a loss of €409m (£351m) in the comparable period last year.

Inditex executive chair Pablo Isla said: “Our differentiation and strategic transformation towards a fully integrated, digital and sustainable model continues to bear fruit supported by the commitment displayed by all the people who work at Inditex.”