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Inditex posts record Q3 profits

Inditex posts record Q3 profits

Zara owner Inditex has posted record sales and profit results for the third quarter, with sales increasing to above pre-pandemic levels, despite shares falling as investors remain concerned about the threat of future Covid restrictions.

According to the company sales in the period ending 31 October were more than 20% higher than last year and 10% higher than pre-pandemic sales in 2019.

As a result, pre-tax profits have increased to €3.2 billion over the past nine months, an increase of 277% year-on-year.

A net profit of €1.23bn for the quarter also highlights the group’s recovery, following the restrictions of the early stages of the pandemic.

The instore and online sales between 1 November and 10 December increased by 33% year-on-year, and by 10% compared to pre-pandemic figures from 2019.

The group has increased online sales during the pandemic.

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