Zara owner Inditex booked its first quarterly loss on Wednesday after the coronavirus crisis forced it to shut almost 90% of its stores in the three months from February to April.
FILE PHOTO: A staff wearing protective mask waits for customers at the entrance of a Zara store, amid the coronavirus disease outbreak in Kuala Lumpur, Malaysia May 27, 2020. REUTERS/Lim Huey Teng
MADRID - Zara owner Inditex booked its first quarterly loss on Wednesday after the coronavirus crisis forced it to shut almost 90% of its stores in the three months from February to April. Inditex, the cash-rich owner of other brands such as Massimo Dutti and Bershka, said the rapid drop in sales had slowed, with sales at constant currencies falling 34% in the June 2-8 period compared to a year earlier versus a 51% slide in May.
In markets where stores were already open, sales were down 16% during June 2-8, it said. The Spanish company said it expected stores in all key markets to open by the end of June.
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