World's largest fashion group reports first loss despite jump in online sales
The company, which owns Zara, reported a net loss of 409 million euros for February through April, in comparison with a net profit of 734 million euros over the same period in 2019.At the end of April, Inditex had 965 stores open in 27 countries.
Pedestrians pass in front of Zara fashion store, operated by Inditex SA, store in the Upper East Side neighborhood of New York, on Friday, March 20, 2020.The world's largest fashion group, Inditex, reported its first quarterly loss Wednesday, as it described being "materially impacted" by the coronavirus pandemic.
The company, which owns Zara, reported a net loss of 409 million euros for February through April, in comparison with a net profit of 734 million euros over the same period in 2019. The loss included a provision of 308 million euros for its store optimization program, which will continue until 2021 despite of pandemic.The loss came despite a a 50% increase in online sales in the first quarter, and a 95% jump in online sales in April.
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