Inditex saw sales smash record highs notched up before the pandemic struck.
MADRID (Reuters) -Fashion brand Zara owner Inditex has outpaced Swedish rival H&M in its efforts to bounce back from the coronavirus crisis, with second-quarter sales rising above pre-pandemic levels. The world's biggest fashion retailer's sales in the quarter edged above levels seen before the pandemic as most stores reopened and people rushed to renew their wardrobe after store closures imposed to curb the spread of the virus. Rival H&M's sales grew less than expected from a year ago in the three months through August, and remained lodged below pre-pandemic levels.
When the world's two biggest fashion groups unveil quarterly sales figures on Wednesday, No.1 Inditex is seen back at pre-pandemic levels as stores reopen and people long to renew their wardrobe, while H&M still has some way to go. Analysts said Zara-owner Inditex' recovery in the quarter probably got an extra boost from remaining best-in-class at speed and from a strong overall recovery in its core market Spain, helped also by better sales in China, where H&M has taken a hit since it expressed concerns in 2019 about alleged human rights abuses in the Xinjiang region.