By Joshua Kirby
Industria de Diseno Textil SA on Wednesday reported results for its full fiscal year ended Jan. 31. Here's what we watched:
SALES: Full-year sales came to 20.40 billion euros ($24.28 billion), a 28% decline from fiscal 2019.
EARNINGS: Net profit plunged 70% on the year to EUR1.11 billion, while earnings before interest, taxes, depreciation and amortization fell 40% to EUR4.55 billion.
WHAT WE WATCHED:
--DIGITAL DRIVE: As expected, online sales surged. The retailer booked a 77% on-year increase in e-commerce revenue to EUR6.6 billion amid store closures and a concerted shift toward greater digital penetration.
--DIVIDEND: Inditex said it will propose a dividend of EUR0.70 a share for the fiscal year.
--LOOKING AHEAD: There was little in the way of numerical guidance, although the company did say it is planning investment totaling around EUR1 billion in digital over the next three years. Management may provide more guidance at a press call later Wednesday morning.
Write to Joshua Kirby at firstname.lastname@example.org; @joshualeokirby
(END) Dow Jones Newswires
March 10, 2021 05:21 ET (10:21 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.