Inditex posts profits rise but makes €287m coronavirus provision

Zara, Oxford Street

Fashion giant Inditex has reported a rise in full-year profits but the advance was scaled back by a coronavirus provision.

Inditex, owner of the Zara chain, generated an 8% rise in net sales to €28.29bn and like-for-likes climbed 6.5%. The retailer said it has decided to recognise an inventory provision of €287m in the wake of coronavirus.  That meant that net profit was up 6% to €3.64bn. Without the provision, it would have climbed 12% to €3.86bn.

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