Name: Shut shops cut Zara owner's profit by almost 70%
Uploaded: 2021-03-12T19:00:09.000Z
Duration: 1 min 2 s
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Zara owner Inditex says 2020 profits slumped nearly 70% to just over $1.3 billion.

That was a steeper fall than forecast, with the firm hit by global lockdowns and weak demand.

In China, lockdowns persist in much of Europe and the US Inditex says around 15% of its stores were still shut as of early March.

A surge in online sales offered some compensation.

The world's biggest clothing retailer has also trimmed its inventory and got rid of some stores.

751 shops have already gone out of a targeted 1200.

The company is focusing on flagship locations where it can serve both online and in person customers.

 Inditex may also take some comfort from results at arch rival H and M. 