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.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.