The parent company of fast fashion giant Zara has reported record sales and profit in the third quarter of the year as it continues to recover from the pandemic.
In the three months to October 31, sales at Inditex were 21 percent higher than a year earlier at constant currency, and 10 percent higher than 2019 levels.
The Spanish group, which also owns brands Pull & Bear, Massimo Dutti and Bershka, added that store and online sales in the more recent period between November 1 and December 10 increased 33 percent versus the same period in 2020, and 10 percent versus 2019.
The increase in sales helped the group achieve a 273 percent increase in net profit in Q3 to 1.23 billion euros.
Inditex rebound continues
Looking at the nine-month period, net sales came in at 19.3 billion euros, 37 percent higher than in 2020 on a reported basis and up 39 percent at constant currency. That was still below the 19.8 billion euros the group reported in 2019, prior to the pandemic.
The group said store sales have “steadily improved” during the nine-month period and managed to exceed 2019 levels even with 11 percent fewer stores.
Meanwhile, online sales were up 124 percent in constant currency compared to 2019 levels. The group said it expects online sales to account for more than 25 percent of total sales in FY2021.
As of today, all Inditex’s stores are open. “Sales are returning to normal levels and online sales continue to grow,” the group said of its current trading.
Earlier this month, Inditex announced that Marta Ortega, the daughter of the group’s founder, would be replacing Pablo Isla as chair.
In the same announcement, Óscar García Maceiras, who has been at the group since March, was revealed as its new CEO.