Spain’s Inditex books 421 mln euro profit for Q1, beats estimates

Spanish retail giant Inditex (ITX.MC) reported a first-quarter net profit of 421 million euros ($513 million) on Wednesday, a number that easily beat analysts’ expectations but was still a third below pre-pandemic levels for the same period a year ago.

Six analysts polled by Refinitiv had estimated a net profit of 359.29 million euros for the home of the Zara clothing chain.

Revenue for the February-April quarter reached 4.9 billion euros, 48% more than in the first quarter of 2020, but still well short of 2019’s 5.93 billion euros.

Online sales were up by two-thirds from last year as…