Inditex’s nine-month net profit jumps to $2.8 billion

Inditex said its sales in recent weeks were up by a third on the same period last year. (Facebook)

Inditex, the world’s largest fashion retailer, reported that sales in recent weeks were up by a third compared to the same period last year, and were ahead of levels seen in 2019 prior to the pandemic.

H&M, a competitor, also reported higher sales in the last three months, as fashion retailers began to recover from the pandemic’s previous peak of lockdowns.

Customers liked the autumn and winter collections, according to Inditex, the owner of the Zara and Massimo Dutti brands.

Between the beginning of November and the 10th of December, the Spanish company said its online and store sales in constant currency increased by 33% compared to the same period in 2020 and were up 10% from the previous year.

Inditex’s senior management has been shuffled, with Marta Ortega, the company’s founder’s daughter, set to take over as chair in April.

Inditex consolidated its recovery to near pre-pandemic levels in the first nine months of its fiscal year, posting a net profit of €2.5 billion ($2.8 billion), up 273 percent from the same period a year ago, as shoppers returned to their old habits in droves.

The net profit for the first nine months of the year, which began on February 1, was still less than the €2.7 billion reported in the same period last year.

From February to October, sales totaled €19.33 billion, up 37% from €14.1 billion in the same period last year, but still falling short of the €19.8 billion reported in 2019.

According to the company, sales increased by 21% in constant currency from the same period in 2020 and 10% from the previous year’s third quarter.

In a statement, Marcos Lopez, the company’s Capital Markets director, said, “The recovery continues to gain momentum.”

The company benefits from the ability to produce more than half of its products close to its base in Spain and deliver them to customers faster than competitors, avoiding the worst effects of a global supply-chain crisis.

Have a tip we should know?

Most Read

  1. ARTS
    With a Vengeance and no Apologies, Art Basel Miami Beach Has Returned
    12 months ago
  2. Food
    Is Faux Turkey Finally Vegan-Approved for Thanksgiving?
    1 year ago
  3. News
    Pandora Papers Financial Leak Shows Us the Secrets of the World’s Rich and Powerful
    1 year ago
  4. Health
    US Supreme Court Rejects J & J TALC Cancer Case Appeal
    1 year ago
  5. Lifestyle
    9 Habits that Drain your Daily Focus and How to Avoid Them
    2 years ago
    Women’s Demand for Shapewear – the big Trends
    2 years ago
    Valentino Launches its Cosmetics Line
    2 years ago
  8. Business
    McDonald’s Sales Increase Amid COVID Restrictions
    2 years ago
  9. Health
    US Promises to Share 60 million Doses of AstraZeneca Vaccines
    2 years ago
  10. coronavirus
    UK Offers Aid Amid Surging COVID-19 Cases in India
    2 years ago
  11. Entertainment
    Nomadland Director Chloé Zhao, Wins the Best Director in 2021 Oscar
    2 years ago
  12. Asia
    Pakistan floods: ‘The water came and now everything is gone’
    3 months ago
  13. News
    Iraq: At least 23 dead amid fighting after Moqtada al-Sadr quits
    3 months ago
  14. News
    Pakistan floods are ‘a monsoon on steroids,’warns UN chief
    3 months ago
    Pakistan floods: Desperation and displacement in Sindh province
    3 months ago
  16. Enviroment
    Climate change: Russia Burns off Gas as Europe’s Energy Bills Rocket
    3 months ago
  17. News
    Ukraine war: Russia railway station strike kills 25, injures dozens
    3 months ago
  18. News
    Sewage in sea: French appeal to EU over UK discharges of waste
    3 months ago

Follow @rushhourdaily: