Inditex: shares retreat after first-half sales disappoint

(CercleFinance.com) - Shares in Spanish retail giant Inditex fell on Wednesday morning after the owner of Zara clothing stores reported lower-than-expected first-half sales.


The world's biggest fashion retailer reported revenue of 11.9 billion euros for the period from 1 February to 31 July, representing growth of 49% year-on-year, or 53% in local currencies.

Net profit amounted to 1.27 billion euros, compared with a loss of 195 million euros in the first half of 2020.

Inditex said revenue and profit for the second quarter, between May and July reached historic highs for the period.

Yet, the figures were slightly below analysts' forecasts and the shares fell 0.5% this morning in Madrid.

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