Zara Owner Inditex Returns To Profit In Second Quarter


MADRID: Fashion retailer Inditex, owner of Zara, returned to quarterly profit in the three months from May to July but reported sales down 31% on the year-ago period as virus-wary consumers stayed away from city centre shopping districts.

The owner of Massimo Dutti and Bershka said 98% of its stores were open again. Looking to the new financial period, it said sales in store and online were 11% lower at constant exchange rates from Aug. 1 to Sept. 6 from the year-ago period.






Shares closed 5% higher on Tuesday after Swedish rival H&M beat quarterly profit forecasts as it bounced back faster than expected from the pandemic-induced slump. Inditex’s stock has fallen 24% in the year so far.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor




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