Inditex – Zara Owner’s profits rise, but still below pre-pandemic levels
Sales in the first quarter were €4.9bn, up 56% from last year, excluding the impact of currency changes. However, that remains 11.5% lower than 2019. The group reported net income of €421m, compared to a €409m loss in 2020 and €734m profit in 2019. Q1 2021 hedge fund letters, conferences and more As at 6 June, 98% of stores were open and sales in the first month of the new quarter came in 102% ahead of 2020 and 5% ahead of 2019. The group plans to pay the remaining €0.35 dividend payment on 2 November 2021, bringing the total to €0.70. The shares were up 1.2% following the announcement. Indite...