Zara owner Inditex’s profit up 80 per cent as shoppers stock up
Zara owner Inditex has posted a bumper quarterly profit, while taking a hit of €216m after the temporary closure of its business in Ukraine and Russia.
The Madrid-listed firm, which is the largest fashion company in the world reported an 80% jump in quarterly profit on the back of soaring sales as consumers revamped their wardrobes after months spent stuck at home during the pandemic lockdowns.
The company said on Wednesday it made a net profit of 760 million euros ($812 million) for the quarter to end April, in line with analysts’ expectations. Sales rose 36% to 6.7 billion euros, surpassing pre-pandemic levels, while its gross margin hit a 10-year high. Inditex shares rose as much as 5% in morning trade.
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