// Inditex narrows Q3 sales drop to 14%, a major improvement on the fall of 31% in Q2 and 44% in Q1
// Sales recovered to year-earlier levels in early October, before falling to 81% of pre-crisis levels in November amid the second wave
// Inditex also reported net profits of €866m (£789m) for Q3, down from €1.17bn (£1.07bn) a year earlier
Inditex has said it was able rebound after the height of the Covid pandemic with strong recovery in its third quarter, but this held back again once the second wave brought on fresh restrictions and lockdowns.
The parent company of Zara, Bershka, Stradivarius, Massimo Dutti and Pull & Bear said its third quarter sales dropped by 14 per cent year-on-year, although this was a major improvement on the fall of 31 per cent and 44 per cent in the second and first quarter respectively.
The Spanish fashion retail giant said sales recovered to year-earlier levels in early October, before falling to 81 per cent of pre-crisis levels in November as more restrictions and lockdowns came into effect amid the second wave of the pandemic.
This lifted to 87 per cent of pre-pandemic levels in the first 10 days of December, although Inditex said eight per cent of its stores remain closed, with an extra 10 per cent having to shut during the weekends.
Inditex also reported net profits of €866 million (£789 million) for the third quarter, down from €1.17 billion (£1.07 billion) a year earlier.
Meanwhile for the first nine months of its financial year so far, ending October 31, the fashion giant reported a profit of €671 million (£610 million).
Online sales for the year so far also saw growth of 75 per cent in constant currencies, and 76 per cent in the third quarter alone.
“These results are the direct consequence of effective management in every area of the company, with a seamless co-ordination between each link in the business model – design, product, manufacturing, logistics, stores and online,” Inditex executive chairman Pablo Isla said.
“They are also evidence of the group’s ability to react and adapt continuously in an unpredictable environment.”
with PA Wires