// Zara owner Inditex has posted record sales and profit results for Q3
// Shares fell by more than 5% yesterday, following investor concerns around Omicron
Zara owner Inditex has posted record sales and profit results for the third quarter, with sales increasing to above pre-pandemic levels, despite shares falling as investors remain concerned about the threat of future Covid restrictions.
The parent company of the fast fashion giant has reported that sales in the period ending 31 October were more than 20% higher than last year and 10% higher than pre-pandemic sales in 2019.
As a result, pre-tax profits have increased to €3.2 billion over the past nine months, an increase of 277% year-on-year. A net profit of €1.23bn for the quarter also highlights the group’s recovery, following the restrictions of the early stages of the pandemic.
At the same time, shares of world’s biggest clothing retailer fell by more than 5% yesterday, amid concerns that the rapid spread of the Omicron variant could lead to further lockdowns and loss in consumer confidence.
Read more: Zara owner Inditex sales smash £4bn
The Spanish retail group, which also owns brands Pull & Bear, Massimo Dutti and Bershka, revealed that shoppers had been keen to visit bricks-and-mortar stores once previous Covid restrictions had been lifted.
It also added that instore and online sales between 1 November and 10 December increased by 33% year-on-year, and by 10% compared to pre-pandemic figures from 2019.
The group has increased online sales during the pandemic, thanks to a complex tracking system and a single technological platform which has allowed it to fully integrate its worldwide network of stores.
Inditex’s chief executive Óscar García Maceiras that the company’s record sales “confirm the significance of extending, deepening and developing our integrated business model, the company’s key differentiating characteristic”.