By Joshua Kirby
Industria de Diseno Textil SA said Tuesday that net profit and sales fell in the third quarter of its fiscal year, but showed recovery from earlier in the year as online sales grew strongly.
The Spanish retailer, known as Inditex, said net profit for the three months to the end of October was 866 million euros ($1.05 billion), down 26% from EUR1.17 billion a year earlier. Sales for the period were EUR6.05 billion, down from EUR7 billion the previous year.
Earnings before interest, taxes, depreciation and amortization came to EUR1.85 billion in the quarter, down from EUR2.23 billion previously.
The owner of Zara and other fashion brands said online sales grew at 76% in the third quarter, maintaining the pace year-to-date, with online growth continuing at similar rates in the last quarter of the year.
Analysts had seen third-quarter sales at EUR6.02 billion, according to a FactSet-compiled consensus of eight analyst estimates. Analysts had also seen third-quarter net profit at EUR826 million, according to a consensus of seven analyst estimates taken from FactSet.
The results show the company's ability to react and adapt in a difficult environment, Executive Chairman Pablo Isla said.
Write to Joshua Kirby at firstname.lastname@example.org; @joshualeokirby
Corrections & Amplifications
This item was corrected at 0903 GMT to reflect that Inditex's 3Q net profit fell to 866 million euros ($1.05 billion) from EUR1.17 billion in the year-previous period. The original version incorrectly incorrectly stated the previous year's figure in the second paragraph. The figure is EUR1.17 billion, not EUR2.72 billion
(END) Dow Jones Newswires
December 15, 2020 03:35 ET (08:35 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.