Despite the complicated situation generated by the pandemic, Inditex, the textile group that owns chains such as Zara, Berskha or Massimo Dutti, has managed to leave behind the historical losses registered in the first half of the year as a result of the crisisand gradually reduce the drop in sales, thus straightening their accounts.
As indicated in his results note of the third fiscal quarter (August-October)the Galician group obtained a profit of 671 million in the first nine months of the year (February-October) and 866 million in the last three (August-October), despite having part of the stores closed due to restrictions to contain the second wave.
In the first semester it had recorded losses of 195 million. Although these data already suggest that Inditex will not close the year negative, the impact of the pandemic is noticeable in the global calculation: in the first nine months, revenues fell 29% compared to the previous year , up to 14,085 million, and the benefit is 75.3% lower.
Sales
In a difficult context for all commerce, and especially for the textile sector, Inditex has recovered sales little by little. From August to October, it sold 14% less compared to the previous year (up to 6,052 million), thus reducing the collapse of previous quarters. In the first (it coincided with the months of confinement) sales had plunged by 44% and in the second, in the middle of summer, by 31%.
In this last period this recovery in sales has also been gradual: in August they fell by 13%, in September by 9% and in October by 6%. This despite the fact that new restrictions have been imposed, around 5% of the stores have been closed in these three months and 88% have suffered restrictions on capacity or hours.
Online sales continue to be one of the pillars of the textile giant, with a growth of 75% in these first nine months and 76% in the third quarter. In fact, Inditex is accelerating the digital transformation and its stores in order to further refine its ecommerce architecture. The company expects to close the year with sales of about 6,500 million through this channel.
“This results they are a direct consequence of a very efficient management in all areas of the company and the daily capacity to react and adapt to an environment that is difficult to foresee “, stated Pablo Isla, president of the group, on the occasion of the presentation of the results.
In November the group had 21% of the stores closed and as many with new limitations capacity and schedules. In this month, sales represented 81% of those of the previous year, while from December 1 to 10 they had reached 87%. Currently 8% of stores are closed and a further 10% that close during the weekend.
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