The proprietor of vogue model Zara has mentioned its newest gross sales are forward of pre-pandemic ranges after benefiting from a surge in on-line purchasing.
Spanish retail group Inditex, which additionally owns the Bershka and Pull & Bear manufacturers, mentioned gross sales between Could 1 and June 6 had been greater than double the identical interval final yr and 5% forward of the identical interval in 2019.
It got here as the corporate mentioned it posted a web revenue of 421 million euros (£361.9 million) for the quarter to April, surpassing analyst expectations.
Nevertheless, the revenue was nonetheless round a 3rd beneath the degrees it noticed a yr in the past.
In the meantime, revenues for the quarter had been 48% increased than the identical interval in 2020 at 4.9 billion euros (£4.2 billion) however had been nonetheless considerably beneath pre-pandemic ranges.
Inditex mentioned it was buoyed by a 67% bounce in on-line gross sales, offsetting the affect of enforced closures, with 24% of its shops shut through the quarter.
The group mentioned it’s now working 98% of its bodily shops after widescale easing of Covid-19 restrictions.
Pablo Isla, government chairman of the corporate, mentioned: “Our differentiation and strategic transformation in the direction of a completely built-in, digital and sustainable mannequin continues to bear outcomes, supported by the dedication displayed by all of the individuals who work at Inditex.”
Laura Hoy, fairness analyst at Hargreaves Lansdown, mentioned: “Given practically 1 / 4 of the group’s buying and selling hours had been misplaced to lockdowns between February and April, Inditex’s outcomes had been fairly engaging.
“Whereas the resilience proven by Inditex ought to be recommended, the retailer isn’t out of the woods but.
“Working prices rose as shops reopened and the group continued its push on-line and earnings are nonetheless lower than half of pre-pandemic ranges.”