Zara owner Inditex books first-ever quarterly loss as sales tumble
People wait observing social distancing oustide a Zara shop in Paris as France softens its strict lockdown rules during the outbreak of the coronavirus disease (COVID-19) in France, May 11, 2020. Photo: Benoit Tessier via Reuters
Zara owner Inditex (ITX.MC) booked its first-ever quarterly loss on Wednesday as it reported results for the period February to April that spanned the coronavirus outbreak and the ensuing shuttering of thousands of its stores around the world.
The retailer booked a net loss of 409 million euros ($465 million) on sales of 3.3 billion euros - nearly half the sales of 5.9 billion euros booked in the same period one year ago.
The company said it expected all stores in key markets to be open by end-June. Online sales rose by 95% in April, it said.
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Sales in constant currencies fell 34% in the recent June 2 to June 8 period, it said. In markets in which stores were open, sales fell 16% in that period.
