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Zara Owner Inditex Narrows Sales Decline in Third Quarter

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MADRID, Dec 15 Reuters Fashion retailer Inditex posted a 14 fall in sales in the three months from August to October, an improvement on a 31 drop in the previous quarter, as shoppers gingerly returned to stores after the first wave of COVID19 subsided.

However, fresh lockdowns from late October to combat the second wave of the pandemic meant that 21 of stores were closed in November, the company said, with around 8 currently shut.

From the 19th October a phase of closures and restrictions began in various markets until the first week of December, the company said.

Thirdquarter net profit reached 866 million euros, in line with a rebound in profit reported in the second quarter, as the companys tightlycontrolled supply chain model and ability to deliver and return goods instore kept margins stable throughout the pandemic. This was down 26 on the yearago period.

Reporting by Victoria Waldersee, Sonya Dowsett, Editing by Keith Weir

Source Reuters

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