Inditex at €866 million net profit in the third quarter of 2020

Inditex reported sales of €14.1 billion in the first nine months of its fiscal 2020 (1 February to 31 October), compared to €19.8 billion the same period in fiscal year 19.

The third quarter (1 August to 31 October) registered the evident sales improvement shown since March, with sales of €6.1 billion, compared to €7 billion in 3Q19, a year-on-year decline of 14% (10% in constant currencies) after reductions of 31% in 2Q20 and 44% in 1Q20.

During the third quarter, 5% of the group’s stores remained closed and 88% continued to face significant limitations in terms of space, trading hours or capacity.

Against that backdrop, sales in local currencies between 1 and 18 October reached the record levels recorded in the same period of 2019.

In November, as second waves of Covid-19 hit many countries, 21% of Inditex’s stores were forced to close; as of today, 8% remain temporarily closed, with another 10% required to close at the weekend.

Online sales have remained very strong throughout, registering a growth of 75% in constant currencies in 9M20 and 76% in 3Q20.

Net profit for the first nine months of 2020 amounted to €671 million. In the third quarter alone, the Group recorded a net profit of €866 million.

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