Inditex Group's FY20 online sales grow 77%

11 Mar '21

2 min read

Pic: Shutterstock

Inditex Group, a Spanish fashion retailer, reported 28 per cent sales decrease to €20.4 billion during fiscal 2020, ended on January 31, 2021 compared to the sales of €28.2 billion in the previous fiscal. Group’s net income for the year slipped to €1.1 billion (FY19: €1.1 billion). However, online sales grew 77 per cent to €6.6 billion during FY20.

“Inditex has emerged stronger after such a challenging year thanks to the amazing commitment displayed by everyone here at the company,” Pablo Isla, Inditex’s executive chairman, said in a press release. “The digital transformation strategy initiated in 2012, which is built around the integrated store and online sales platform.”

Gross profit for FY20 was €11.4 billion (€15.8 billion). EBITDA was €4.5 billion (€7.6 billion). Inditex’s operating income for the year dipped to €1.5 billion (€4.7 billion).

Sales of brand Zara (Zara and Zara Home) fell to €14.1 billion (€19.5 billion), while Pull&Bear sales were €1.4 billion (€1.9 billion) during FY20. Group’s all brands registered decline in sales during FY20: Massimo Dutti €1.2 billion (€1.9 billion), Bershka €1.8 billion (€2.4 billion), Stradivarius €1.3 billion (€1.7 billion), Oysho €522 million (€604 million), and Uterqüe €75 million (€115 million).

According to company’s release, Inditex launched its online sales platform in 25 new markets and opened new stores in 29 during 2020.

“Inditex as a company is stronger today than it was two years ago, with a unique business model and a global, flexible, digitally integrated and sustainable sales platform, which places us in an excellent position for the future,” Isla said.

Fibre2Fashion News Desk (JL)

More Inditex News... More Retail News - Spain...