FILE PHOTO: A building is reflected in the window of a Zara clothes store, part of the Spanish Inditex group, in Bilbao, Spain, November 30, 2021. REUTERS/Vincent West/File Photo
December 15, 2021
MADRID (Reuters) -The world’s biggest fashion retailer Inditex cemented its recovery to pre-pandemic levels on Wednesday, posting a net profit of 2.5 billion euros ($2.82 billion) in the first nine months of its fiscal year, 273% more than in the same period a year ago, as shoppers massively returned to their former habits.
The owner of Zara’s net profit had plummeted to 671 million euros in the February-October period in 2020 because of the restrictions on mobility imposed around the world to curb the covid-19 pandemic.
The net profit over the first nine months of this financial year, which started on Feb. 1, was still below the 2.7 billion euros reported in the same period in 2019.
So far in 2021, Inditex has shown a healthy recovery from the pandemic crisis as its sales from February through October reached 19.33 billion euros, 37% more than the 14.1 billion euros in the same period last year, but still below the 19.8 billion euros reported in 2019.
($1 = 0.8872 euros)
(Reporting by Corina Pons, editing by Inti Landauro)
Source: One America News Network
