By Joshua Kirby
Industria de Diseno Textil SA continued its momentum in the second quarter, with sales returning above pre-pandemic levels as the Spanish fashion company swung to a net profit for the first half of its fiscal year.
Inditex booked a net profit of 1.27 billion euros ($1.50 billion) in the six months to end-July swinging from a net loss of EUR195 million in the same period last fiscal year. Sales in the half rose almost 50% to EUR11.94 billion. In the second quarter, sales were 7% higher at constant currency than the same period of 2019.
First-half earnings before interest, taxes, depreciation and amortization came to EUR3.1 billion, more than doubling from EUR1.49 billion in the previous-year period.
Online sales continued to grow in the first half, experiencing a 36% rise as the group concentrated on its digital business, a strategy spurred by the pandemic. The group now expects online sales to reach more than 25% of the total for the full year.
Momentum has continued into the current quarter, with sales to Thursday around 9% ahead of the same period of 2019, Inditex said.
Write to Joshua Kirby at firstname.lastname@example.org; @joshualeokirby
(END) Dow Jones Newswires
September 15, 2021 02:08 ET (06:08 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.