Commodities

Inditex H1 net rises as sales almost back to pre-pandemic levels

Credit: REUTERS/GLEB GARANICH

The owner of fashion brand Zara, Inditex, said on Wednesday it booked a 1.27 billion euros ($1.50 billion) first-half profit as sales approached pre-pandemic levels thanks to higher global demand for fashion apparel.

Adds details, second quarter sales

MADRID, Sept 15 (Reuters) - The owner of fashion brand Zara, Inditex ITX.MC, said on Wednesday it booked a 1.27 billion euros ($1.50 billion) first-half profit as sales approached pre-pandemic levels thanksto higher global demand for fashion apparel.

Inditex said its net profit between February and July compared with a 195 million loss in the same period in 2020 but was still 17.5% below the 2019 first-half profit.

The Spanish retailer's sales were close to pre-pandemic levels as most stores reopened and people longed to renew their wardrobe after closures imposed to curb the pandemic.

Inditex's actual sales were up 49% from the same period a year earlier and 7% down from the same period in 2019.

The company said sales revenues between May and July were 7% higher than in the same period in 2019 as shoppers started buying clothes again for summer social events as vaccination campaigns had allowed more mobility.

($1 = 0.8470 euros)

(Reporting by Corina Pons, editing by Inti Landauro)

((Inti.Landauro@thomsonreuters.com;))

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