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Zara owner Inditex sees soaring profits as sales rebound

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Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="FILE PHOTO: The logo of the Zara store is seen in a mall at Vina del Mar, Chile July 14, 2019. REUTERS/Rodrigo Garrido/File Photo" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2021/reuters/09/15/zara.jpg"/><figcaption>FILE PHOTO: The logo of the Zara store is seen in a mall at Vina del Mar, Chile July 14, 2019. REUTERS/Rodrigo Garrido/File Photo</figcaption></figure></div><p><br/>MADRID - Spanish fashion retailer Inditex, owner of Zara and Massimo Dutti, reported Wednesday strong first half profits near pre-pandemic levels as sales rebounded, with customers returning to stores and shopping online.</p><p>The retail giant&#x27;s bottom line had been decimated by lockdown measures at the height of the Covid crisis last year, but the reopening of economies have brought shoppers back to its stores.</p><p>&quot;The recovery is accelerating,&quot; Inditex chief executive Pablo Isla said in a teleconference, adding that the group&#x27;s activities had returned to pre-pandemic levels.</p><p>The company posted a net profit of almost 1.3 billion euros ($1.5 billion) between February and July.</p><p>It followed a loss last year and was just slightly lower than the 1.5 billion euros it recorded over the six-month period in 2019.</p><p>Sales reached 11.9 billion euros, up 49 percent from a year ago.</p><p>The company said its earnings reached &quot;historic&quot; highs in the second quarter.</p><p>Net profit reached 851 million euros over the May-July period, but it was below forecasts of analysts polled by financial information provider Factset.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/10/24/19/zara-opens-online-shop-in-ph-expanding-ssis-e-commerce-footprint">Zara opens online shop in PH, expanding SSI&#x27;s e-commerce footprint</a></li></ul><div> </div>

The company posted a net profit of almost 1.3 billion euros ($1.5 billion) between February and July.