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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.

  • Those sales have rebounded.

  • 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.

Zara owner Inditex says 2020 profits slumped nearly 70% to just over $1.3 billion.

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B1 zara owner shut online flagship arch

Shut shops cut Zara owner's profit by almost 70%

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    林宜悉 posted on 2021/03/12
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