Inditex: stock in demand as group returns to profit
(CercleFinance.com) - The Inditex share is up 6% in Madrid, after the clothing chain reported Q2 net profit of 214 million euros, marking a return to profit after a loss over Q1.
At 4.7 billion euros, quarterly sales contracted by 32% y-o-y, although exceeded expectations according to Invest Securities, while the group's gross margin improved by 0.1 point y-o-y to 54.6%.
In the current context, its net cash position increased to 6.5 billion euros at the end of July, up 734 million euros over the quarter, the broker said, which also notes that 98% of its shops are now open.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
At 4.7 billion euros, quarterly sales contracted by 32% y-o-y, although exceeded expectations according to Invest Securities, while the group's gross margin improved by 0.1 point y-o-y to 54.6%.
In the current context, its net cash position increased to 6.5 billion euros at the end of July, up 734 million euros over the quarter, the broker said, which also notes that 98% of its shops are now open.
Copyright (c) 2020 CercleFinance.com. All rights reserved.