Spanish group Inditex, the owner of Zara stores, reported a 70% drop in net profit for 2020 to 1.1 billion euros on Wednesday, after a year of quarantines introduced worldwide and reduced demand due to the coronavirus pandemic, Reuters reports, according to Agerpres.
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In the last three months of last year, Inditex’s profit fell 53% to 435 million euros on sales of 6.3 billion euros, with restrictions on reintroduction in many European countries. to the activity of the shops on Christmas Eve.
The results announced by Inditex are lower than the forecasts of analysts at Refinitiv, which relied on a profit of 602 million euros in the fourth quarter and an annual result of 1.3 billion euros.
About 15 percent of Inditex stores worldwide were still closed on March 8 due to restrictions imposed in the context of the COVID-19 pandemic, the Spanish group said.
Inditex, a company that operates 6,829 stores worldwide, also reported that in 2020 its sales fell 28% to 20.4 billion euros, but added that an unprecedented 77% increase in online sales helped to partially compensate for the negative effects of the pandemic.
In Romania, at the end of 2018, the Inditex network consisted of 57 stores, with the brands Zara, Pull & Bear, Bershka, Stradivarius, Oysho, Zara Home and Massimo Dutti.
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