Inditex has posted a profit in its second quarter, as it begins to recover from the impacts of the coronavirus pandemic.
The Spanish fashion group, which owns brands such as Zara, Pull&Bear and Bershka, recorded a €214m (£197m) profit in the second quarter from May 1 to July 31, which was a marked improvement from the €409m (£376m) loss it suffered in the first quarter.
For the first half, Inditex swung to a loss of €195m (£179m) due to its expenditure on an “advanced store digitalisation programme”.
Sales for the second quarter were down 31% year-on-year, compared with a 44% decline in the first quarter, as more stores began to reopen throughout the period.
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.