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