Zara owner Intidex says it has bounced back from its pandemic woes, reporting a $254 million second-quarter profit
- Inditex said it had reached a "turning point," reporting a quarterly net profit of 214 million euros ($254 million).
- It lost 409 million euros ($486 million) in the previous quarter.
- The Spanish
fashionretailer, which owns seven brands including Zara, Pull&Bear, and Bershka, saw online sales soar by 74% in the quarter. Zarahas opened online shops in 12 countries this year.
Zara owner Inditex said it had reached a "turning point" after its quarterly net profit bounced back to 214 million euros ($254 million), from a loss of 409 million euros ($486 million) the previous quarter.
The Spanish fashion retailer, which also owns Pull&Bear and Bershka, reported net sales of 4.7 billion euros ($5.6 billion) in the May-to-July quarter, up from 3.3 billion euros ($3.9 billion) the previous quarter.But its net sales for the first half of 2020 dived by a third compared to the same period last year, even though online sales grew by 74%. Advertisement
Inditex made a loss of 198 million euros ($235 million) in the first half of the year, it said, compared to a 1.55 billion euros ($1.8 billion) profit in the first half of 2019. A 308 million euros ($366 million) store renovation program accounts for some of those losses, it said.
By mid-September, 98% of Inditex's stores had reopened after lockdown, it said.
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