Inditex Reports Q2 Profit Of EUR 850 Mln, Higher Sales In Current Trading

Spanish fashion retailer Industria de Diseño Textil SA (IDEXF.PK) or Inditex reported Wednesday that its second-quarter net profit reached 850 million euros, outperforming the previous high set in the pre-pandemic 2019.

Second-quarter revenue grew 7 percent in local currencies to 6.99 billion euros.

For the first half, net profit amounted to 1.27 billion euros, compared to loss of 195 million euros in the first half of 2020. EBITDA topped 3.1 billion euros, an year-on-year growth of 109 percent.

Inditex's revenue was 11.94 billion euros, 49 percent higher year-on-year, or 53 percent growth in local currencies.

Online sales in local currencies registered first-half growth of 36 percent, and 137 percent when compared to the same period in 2019.

Regarding the current trading, the company noted that with respect to the start of the second half, specifically between August 1 and September 9, store and online sales, in local currencies, increased by 22 percent year-on-year and by 9 percent compared to the same period of 2019.

For fiscal 2021, online sales are expected to account for more than 25 percent of total sales.

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