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.
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