// Zara owner Inditex reports strong quarterly sales growth
// Revenues have subsequently been ahead of pre-pandemic levels
// Inditex sales rose 50% to £4.2bn in the first quarter to April 30
Zara owner Inditex has reported a strong quarterly sales growth thanks to a “digital and sustainable business model”.
The fashion giant also said revenues have subsequently been ahead of pre-pandemic levels.
Inditex’s sales climbed 50 per cent to €4.9 billion (£4.2 billion) in the first quarter to April 30.
In the period to June 6, sales rose 102 per cent year on year and were up five per cent versus 2019.
Online sales in local currencies climbed by 67 per cent over the quarter.
Quarterly sales were higher across all geographies and all its brands, despite losing 24 per cent of trading hours due to Covid-19 lockdowns and related restrictions.
At the end of the quarter, 16 per cent of the group’s stores were still closed and sales were 11.5 per cent down on 2019.
Net profit was €421 million (£370 million) in the quarter, compared with a loss of €409 million (£351 million) in the comparable period last year.
“Our differentiation and strategic transformation towards a fully integrated, digital and sustainable model continues to bear fruit supported by the commitment displayed by all the people who work at Inditex,” Inditex executive chair Pablo Isla said.