Yahoo Finance Zara fashion chain owner Inditex says May sales above pre-pandemic levels
Zara owner Inditex has recorded higher sales
(Zara/Inditex)The firm behind fashion chains Zara, Bershka and Massimo Dutti, has revealed sales in May topped pre-pandemic levels.
Inditex, one of the world's largest fashion retailers, said store and online sales in constant currency between May 1 and June 6 increased 102% from a year earlier. They were 5% higher than the same period in 2019.
Even with lockdown restrictions impacting parts of the business, Inditex’s first quarter sales to April 30 reached €4.9 billion, up from €3.3 billion a year earlier.
The clothing giant recorded net income of €423 million, compared with a net loss of €409 million last year.
During the period 24% of trading hours were unavailable due to lockdowns, and as at the close of the first quarter 84% of Inditex’s stores were open. There are now 98% that have welcomed back customers.
Inditex, which is headquartered in Spain, said online sales growth of 67% was recorded, and the company added that the “recovery continues to gain momentum”.
It said its initial Spring/Summer collections have been received “very well” by shoppers.
Stores in England were allowed to reopen from April 12. The company has around 100 shops in the UK.
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