Zara’s Inditex regains profit after three months due to the coronavirus outbreak

Industria de Diseno Textil SA, the owner of Zara known as Inditex, reported on Wednesday that it regained its quarterly profit after the company’s sales plunged by 31% from May to July 2020.
Inditex posted its second-quarter net profit worth 214 Million Euros ($253 Million), beating Refinitiv’s Smart Estimate Model (SME) forecast worth 96 Million Euros.

The Spanish multinational clothing company said that its in-store and online sales from August 1 to September 6 were down by 11%.

“The recovery and strong performance are due to the hard work, engagement and creativity of everyone in Inditex. I am particularly pleased with our online sales growth, which demonstrates the critical importance of our strategy to integrate stores and online. This is a cornerstone of our unique business model,” Inditex’s Executive Chairman Pablo Isla said on Wednesday.

The owner of the Massimo Dutti and Bershka brands added that 98% of its stores had reopened.
Inditex’s shares rose by 5% on Tuesday.