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Zara’s owner, H & M’s competitor Inditex, reports a higher-than-expected profit for the third quarter of the company’s interrupted financial year.
Net profit was € 866 million, corresponding to SEK 8.8 billion, for the period August to October, which represented a decrease of 26 percent compared to the corresponding period last year. But a profit of 821 million euros was expected, according to a Factset survey.
Sales reached € 6 billion, corresponding to SEK 61 billion. This is an increase of 4.7 billion euros from the previous quarter, but significantly less than in the corresponding quarter last year, when sales amounted to 19 billion euros.
Five percent of the Group’s stores were closed during the third quarter, but infection control restrictions affect the majority of the Group.
The increased spread of the infection meant that more stores were closed after the end of the quarter. In November, a fifth of the stores closed. But that number has since decreased.
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