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Inditex Books Swing to 1st Half Profit as Sales Recover From Pandemic

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; @joshualeokirby


(END) Dow Jones Newswires

September 15, 2021 02:08 ET (06:08 GMT)

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