Inditex's net profit for the first half of the year has increased as sales have nearly recovered to pre-pandemic levels
16th September 2021, Mumbai:
Inditex, the parent company of Zara, reported a 1.27 billion euro ($1.50 billion) first-half profit on Wednesday, citing increasing worldwide demand for designer goods as a reason for the increase.
Inditex reported a net profit of 195 million between February and July, compared to a loss of 195 million in the same time in 2020, although it was still 17.5 percent lower than the first-half profit in 2019.
As most businesses reopened and consumers yearned to refresh their wardrobes following the pandemic's shutdown, the Spanish retailer's sales were near to pre-pandemic levels.
Inditex's real sales increased by 49% year over year and decreased by 7% year over year in the first quarter of 2019.
According to the firm, sales revenues increased by 7% between May and July compared to the same period last year, as customers resumed purchasing clothing for summer social gatherings following immunization programs that increased mobility.
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