Fashion retailer Inditex returns to profit in Q2

Zara’s owner, Inditex, a fashion retailer, has reported quarterly profits in the three months from May to July even as Wuhan corona virus-wary consumers stayed away from city center shopping districts; sales however were down by 31%, compared to the same period a year-ago.

In a statement Inditex, the owner of Massimo Dutti and Bershka said, it has opened 98% of its stores.

Looking to the new financial period, it said sales in store and online were 11% lower at constant exchange rates from August 1 to September 6 from the year-ago period.

With the news reaching the markets, its shares closed 5% higher on Tuesday after H&M, its Swedish rival beat quarterly profit forecasts, bouncing back much faster than expected from the pandemic-induced slump.

Categories: Creativity, Entrepreneurship, HR & Organization, Strategy

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