Zara and Inditex back to black
Madrid, Sep 15 (EFE).- 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.
With the progressive reopening of outlets around the world, Inditex, which also owns Pull&Bear or Bershka, has recorded net sales of 11.9 billion euros in the six months up to August 2021, 49% more than the same period in 2020. This comes despite a 15% decrease in commercial operations due to the pandemic.
The multinational bounced back to 1.27 billion euros in net income between February and August 2021 compared to a 195 million-euro loss during the same period last year, dogged by lockdowns and health restrictions brought about by the global Covid-19 pandemic.
The Spanish firm said 99% of its stores are now open, contributing to a return to normal sales figures while online sales continue to grow — a 36% surge year-on-year and +137% compared to 2019.
Inditex operates 6,654 stores as of the end of August after adding 27 new outlets around the world.
The company also logged record income in Q2 2021, which rose 7% year-on-year to 850 million euros.
Inditex competitor the H&M Group reported a 14% jump in net sales in Q3 of the Swedish company’s fiscal year, between June and August, compared to 2020.EFE