Zara owner earns first profit in 2020

Spanish company Inditex, which owns brands Zara, Pull & Bear, and Bershka, reported $ 254 million in the second quarter.

According to the retailer, the profit shows that he has managed to recover from the pandemic fully. In comparison, the company's losses in the previous quarter were an impressive $486 million.

According to Inditex, the total loss in the first half of 2020 amounted to $235 million, compared with a $1.8 billion profit in the first half of 2019. Simultaneously, sales for the first half of the year fell by a third compared to the same period last year, although online sales increased by 74%.

Despite the drop in sales and general economic difficulties, Inditex continues to enter new markets. To date, online sales of Zara products have started in 12 countries in South America, Europe, and North Africa, including Argentina, Tunisia, and Chile. By the end of September, online sales are expected to start in four Central American countries.

So far, 98% of Inditex stores have earned again after forced downtime.

Photo credit: depositphotos.com.

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