17 March 2022, Mumbai:
Zara owner Inditex (MC:ITX) reported on Wednesday its net profit more than doubled in 2021 to 3.2 billion euros ($3.51 billion) after its sales almost recovered from the pandemic as many countries eased the restrictions imposed to fight coronavirus.
But the world's biggest fashion retailer faces a challenge in the months ahead after it stopped trading in Russia, a major market.
ALSO READ: Russia at war: Zara closes stores & online platform in Russia
Most of Inditex's 6,657 stores worldwide were reopened from mid-2021 and the world's biggest fashion retailer's sales reached 27.7 billion euros, 36% more than in 2020 and close to pre-pandemic levels.
RELATED NEWS: A new 170,000m2 building to house the Zara sales and design teams within Inditex’s complex in Arteixo
Inditex shares tumbled on March 5 after the company closed its 502 shops and stopped online sales in Russia following its invasion of Ukraine and the imposition of Western sanctions.
Russia and Ukraine accounted for 5% of its sales growth in February-March.
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CREDITS: Investing.com RTE ET (The news article has not been edited by DFU Publications staff).
