Spanish retailer Inditex books 421 million euro profit in first quarter By Reuters

Spanish retailer Inditex books 421 million euro profit in first quarter By Reuters

© Reuters. FILE PHOTO: A staff member sorts clothes inside a clothing store of Inditex’s Zara brand at a newly opened shopping mall in Beijing, China April 16, 2021. REUTERS/Tingshu Wang/File Photo

LISBON (Reuters) – Spanish retail giant Inditex (MC:) reported a first quarter net profit of 421 million euros ($512.74 million) on Wednesday, beating analysts’ expectations but still a third below pre-pandemic levels in the same February-April period.

Net sales reached 4.9 billion euros, 25% more than in the first quarter of 2020 but still below 2019 levels of 5.93 billion euros.

Online sales were up 67% from last year as lockdowns kept stores across the world closed or operating under capacity for much of the quarter due to pandemic-related restrictions.

($1 = 0.8211 euros)

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