Online sales surge returns Inditex to profit

Latest News

Online sales surge returns Inditex to profit

By Peter Walker

17/09/20

Inditex has reported net profit of €214 million for the second quarter, compared with a €409 million loss during the previous three months.

The retail group - which owns Zara, Bershka, Pull&Bear and Massimo Dutti - still posted a net loss of €195 million though, but this was mostly put down to a previously announced €308 million provision for its advanced store digitalisation programme, without which Inditex said it would have made an overall profit of €39 million for the first half of the year.

For the first half of 2020, financial statements showed total sales reaching €8 billion - a 37 per cent year-on-year decline. However, online sales rose by 74 per cent in the first half, which helped offset the loss of sales from lockdown store closures.

The company now expects online sales to account for more than a quarter of its total turnover by 2022, compared with 14 per cent in 2019.

Inditex said that 98 per cent of its store estate has now reopened.

Supermicro and NVIDIA’s AI Solution for Retailers

To find out more: click here

Poundland significantly reduces antisocial behaviour, aggression and shoplifting with Motorola Solutions VT100 body cameras

Retail should not be a high-risk occupation. As a company, we are focused on listening to our colleagues and customers to help them with the issues they are facing in-store and so far, the feedback on our body cameras has been excellent. They act as a great visual deterrent, help to de-escalate situations and overall, this project has significantly aided our goal to make the retail environment safer.

For further information on Motorola Solutions’ retail security products, including body cameras, click here.