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Inditex posts Q3 FY20 sales of €6.0 bn

Dec '20
Pic: Shutterstock
Pic: Shutterstock
Inditex Group, a Spanish fashion retailer, has reported 14 per cent decrease in its sales to €6.0 billion during the third quarter (Q3) of fiscal 2020 that ended on October 31, compared to the sales of €7.0 billion in the same period previous fiscal. For the reported period, group’s net income slipped to €866 million (Q3 FY19: €1.1 billion).
However, group’s online sales for the nine months period of FY20 has surged 75 per cent. Gross profit for Q3 FY20 was down to €3.6 billion (€4.2 billion). EBITDA during the quarter was €1.8 billion (€2.2 billion).
During the nine-month period of FY20, the group opened stores in 25 markets, of note was the launch in October of the iconic Zara store on Wangfujing (Beijing), one of the Chinese capital’s most important shopping streets. Zara’s online sales have already been integrated into its local store networks in some 85 markets, complemented by online sales in 106 additional markets through Zara.com launched in 12 new markets, including Chile, Georgia, Kazakhstan, Montenegro, Costa Rica, Honduras, Guatemala, Nicaragua, El Salvador and Tunisia during the quarter.
In November, 21 per cent of the group's stores remained closed, with a significant impact on store sales. A majority of these stores started to reopen in the first week of December. Currently, 8 per cent of the stores are temporarily closed and an additional 10 per cent are closed on weekends, as reported in company’s press release.

Fibre2Fashion News Desk (JL)

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