. ZARA owner Inditex reported a 50 percent sales jump over the first quarter, as trading conditions steadied.
PARIS — As the retail scene moves toward pre-pandemic trading conditions, Zara owner Inditex reported a 50 percent jump in sales over the first quarter compared to lockdown periods the year before.
The Spanish fast-fashion retailer, which also owns labels Massimo Dutti, Bershka and Stradivarius, said that sales for the three months ending April 30 came to 4.94 billion euros, an 11.5 percent decline compared to its performance in 2019, before the coronavirus crisis struck. Over the quarter, 16 percent of stores were closed.
Those figures show a “strong progressive recovery,” noted analysts at Berenberg in a research note. The analysts said that Q1 sales overall were in line with expectations, while earnings numbers were better than expected.Earnings before interest, tax, depreciation and amortization came to 1.24 billion euros, a 155 percent increase compared to the same period last year. Net income stood at 420 million euros. The gross margin figure, 59.9 percent, beat expectations, analysts noted.
Inditex has been drawing on digital means to navigate choppy trading conditions, and executives have touted its integrated stock management system that has been rolled out in thousands of stores around the world as playing a key role in allowing business to continue when stores were shut due to the pandemic.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla's China-made vehicle sales surge 29% in May - auto associationTesla Inc (TSLA.O) sold 33,463 China-made electric cars in May, including exports, a 29% jump from April, according to data from the China Passenger Car Association (CPCA) on Tuesday.
Read more »
U.S. Report Concluded Covid-19 May Have Leaked From Wuhan LabA report by a U.S. government national laboratory concluded that the hypothesis claiming the coronavirus leaked from a Chinese lab is plausible and deserves further investigation
Read more »
U.S. report concluded COVID-19 may have leaked from Wuhan lab -WSJA report on the origins of COVID-19 by a U.S. government national laboratory concluded that the hypothesis claiming the virus leaked from a Chinese lab in Wuhan is plausible and deserves further investigation, The Wall Street Journal reported on Monday, citing people familiar with the classified document.
Read more »
Some GOP governors cutting unemployment aid have ties to businesses that may benefitWhen West Virginia Gov. Jim Justice, R, announced his decision last month to cut federal unemployment benefits for his state's jobless residents, he pointed to what he said was a plethora of openings for those who needed work. 'West Virginians will have access to thousands of jobs, right now, and we need everybody back to work,' he said on May 14. 'We got to have you back to work. You know, America is all about work. And you know, that's what's made this great country.'Subscribe to The Post Most
Read more »
With less than a month to go, Biden may miss his vaccination goalsAs of Monday, close to 64% of adults have received at least one dose of a vaccine, just shy of the pace needed to meet the goal. At the current pace, about 67% of the adult population will have received shots by the Fourth of July holiday.
Read more »
'I May Destroy You' wins at British Academy TV awards“I May Destroy You” won two main prizes at the 2021 British Academy Television Awards, in a ceremony that rewarded TV that tackled issues from sexual consent to racism.
Read more »