Zara and Inditex back to black
Zara-owner Inditex has turned a page on the pandemic with a return to profit fueled by an almost 50% increase in net sales compared to last year, the Spanish fashion giant said in its report Wednesday.
Spanish retail business Inditex, which is also behind brands such as Massimo Dutti and Bershka, said sales growth at constant currency levels in the three months to July 31 was 7% ahead of the same period in 2019, before the pandemic.
The company said: “The recovery continues to gain momentum.”
Inditex said in the first half to July its spring/summer collections “were very well received” by shoppers, and store sales have progressively improved and online is growing strongly.
During the six months it recorded net sales of €11.9 billion, 49% higher than a year earlier when retailers were grappling with the start of the coronavirus crisis.
Stores in England were able to reopen from the most recent lockdown in April. In recent trading, August to September 9, Inditex’s store and online sales at constant currency, were 22% and 9% higher respectively than the same period in 2020 and 2019.
The group has over 6,600 stores globally.
