The turmoil in Ukraine led Inditex, which owns seven brands including Zara and Massimo Dutti, to close 514 Russian stores.
This result was higher than the €2.42 billion predicted by analysts from financial analysts at FactSet. The group has also seen its production costs rise due to global increase in transport and energy costs, which it decided to offset with price hikes, setting itself apart from rivals like H&M.