Zara owner and H&M sales bounce back

Reuters Videos
3 年前

Sales at the world's top two fashion retailers are back at pre-health crisis levels or better.

That's according to both Zara-owner Inditex and rival H&M Wednesday (December 15).

Spain's Inditex said sales were up 10% on 2019 levels from August to October.

It reported sales of $8.2 billion and a net profit of over $1.3 billion for the three month period.

Online sales excelled in the first nine months - up 124% on the same quarter in 2019.

It comes despite companies struggling to source products and raw materials due to global supply chain issues.

But Inditex produces more than half of its goods near its base in Spain, so it can deliver to consumers faster than rivals.

Sweden's H&M said its net sales reached $6.22 billion in the September to November quarter.

But the group warned its business was still being hit by the health crisis due to temporary closures of more than 100 stores, mostly in Austria and Slovakia.

The company is due to publish its full fourth-quarter earnings report in late January.