Inditex, a Spanish fashion retailer, has reported 44 per cent sales decline to €3.3 billion in first quarter (Q1) FY20 ended on April 30, 2020 compared to €5.9 billion in same period prior year. However, its online sales during the quarter grew 50 per cent and 95 per cent in April alone. Group’s 88 per cent of stores were closed during the quarter.
Inditex, a Spanish fashion retailer, has reported 44 per cent sales decline to €3.3 billion in first quarter (Q1) FY20 ended on April 30, 2020 compared to €5.9 billion in same period prior year. However, its online sales during the quarter grew 50 per cent and 95 per cent in April alone. Group's 88 per cent of stores were closed during the quarter.#
Net loss were €409 million compared to net income of €736 million in same period prior year. Gross profit for Q1 FY20 were €1.9 billion (Q1 FY19: €3.5 billion). Operating expenses fell 21 per cent to €1.4 billion (€1.8 billion). Company’s net cash were €5.8 billion (€6.7 billion).
Inditex, a Spanish fashion retailer, has reported 44 per cent sales decline to €3.3 billion in first quarter (Q1) FY20 ended on April 30, 2020 compared to €5.9 billion in same period prior year. However, its online sales during the quarter grew 50 per cent and 95 per cent in April alone. Group's 88 per cent of stores were closed during the quarter.#
During the reported quarter, Inditex opened stores in 9 markets and operated in total 7,412 stores during the end of it.
Inditex, a Spanish fashion retailer, has reported 44 per cent sales decline to €3.3 billion in first quarter (Q1) FY20 ended on April 30, 2020 compared to €5.9 billion in same period prior year. However, its online sales during the quarter grew 50 per cent and 95 per cent in April alone. Group's 88 per cent of stores were closed during the quarter.#
Inditex’s executive chairman, Pablo Isla, unveiled the group’s plan for the next two years. Group will invest €1 billion in bolstering the online business and a further €1.7 billion in upgrading the integrated store platform, deploying advanced technology solutions.
Inditex, a Spanish fashion retailer, has reported 44 per cent sales decline to €3.3 billion in first quarter (Q1) FY20 ended on April 30, 2020 compared to €5.9 billion in same period prior year. However, its online sales during the quarter grew 50 per cent and 95 per cent in April alone. Group's 88 per cent of stores were closed during the quarter.#
“This strategy is a culmination of the project the company has been investing in steadily and significantly since 2012, a project that will transform its profile notably,” Isla said.
Inditex, a Spanish fashion retailer, has reported 44 per cent sales decline to €3.3 billion in first quarter (Q1) FY20 ended on April 30, 2020 compared to €5.9 billion in same period prior year. However, its online sales during the quarter grew 50 per cent and 95 per cent in April alone. Group's 88 per cent of stores were closed during the quarter.#
The overriding goal between now and 2022 is to speed up full implementation of our integrated store concept, driven by the notion of being able to offer our customers uninterrupted service no matter where they find themselves, on any device and at any time of the day.”
Inditex, a Spanish fashion retailer, has reported 44 per cent sales decline to €3.3 billion in first quarter (Q1) FY20 ended on April 30, 2020 compared to €5.9 billion in same period prior year. However, its online sales during the quarter grew 50 per cent and 95 per cent in April alone. Group's 88 per cent of stores were closed during the quarter.#
Further, Inditex expects
online sales to account for over 25 per cent of the total by 2022, compared with 14 per cent in FY19, underpinned by an integrated online-store network that is structurally nimble, sustainable and smart. It will have larger, higher quality stores, higher levels of profitability, and helping generate 4-6 per cent like-for-like growth annually.
Fibre2Fashion News Desk (JL)
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