Inditex Q2 figures beat estimates
The pandemic has been kind to Inditex. The owner of #Zara, Massimo Dutti, Bershka, and Oysho reported a #Q2 net profit of €214 million, the figures coming in higher than the €96 million forecasted by Refinitiv.
Its online sales increased by 74% during the quarter as more people bought from home because of the pandemic.
The net loss figure came in at €195 million, while the sales were down 37%. Inditex’s overall results are satisfying, given the current situation according to its executive chairman, Pablo Isla.
Currently, 98% of its stores are open, and so far, it has reported a steady return to normality regarding store sales. Despite the ongoing recovery, the sales are still 11% lower than the same time last year.
Inditex will pay dividends of €0.35 per share.
Following the report, Inditex stock price gained 6%.
Read more about how fashion retailers performed in Q2 here!
Sources: reuters.com, fashionunited.uk
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