Zara owner’s good half-year earnings due to locally made clothes

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 63%

Nigeria News News

Inditex, which was able to reduce stock during the lockdowns, softening blows to earnings, also had a 74% surge in online orders

Madrid — Inditex’s quick-reaction strategy allowed the operator of Zara stores to reduce inventory in the middle of Covid-19 lockdowns, buoying first-half earnings.

The world’s largest clothing chain operator has shown steady improvement after suffering its only loss on record in the first quarter. Chair Pablo Isla is motoring on with a plan to invest about $3bn in e-commerce, renovations and new stores over the coming three years to better position Inditex when the pandemic ends.

The results come a day after H&M reported higher-than-expected quarterly earnings. Inditex’s Swedish rival has, however, been struggling to get rid of unsold garments, and its $4.6bn inventory position was at a record proportion of sales at the end of May.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines