By Joshua Kirby

 

Industria de Diseno Textil SA continued its momentum in the second quarter, with sales returning above pre-pandemic levels as the Spanish fashion company swung to a net profit for the first half of its fiscal year.

Inditex booked a net profit of 1.27 billion euros ($1.50 billion) in the six months to end-July swinging from a net loss of EUR195 million in the same period last fiscal year. Sales in the half rose almost 50% to EUR11.94 billion. In the second quarter, sales were 7% higher at constant currency than the same period of 2019.

First-half earnings before interest, taxes, depreciation and amortization came to EUR3.1 billion, more than doubling from EUR1.49 billion in the previous-year period.

Online sales continued to grow in the first half, experiencing a 36% rise as the group concentrated on its digital business, a strategy spurred by the pandemic. The group now expects online sales to reach more than 25% of the total for the full year.

Momentum has continued into the current quarter, with sales to Thursday around 9% ahead of the same period of 2019, Inditex said.

 

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

 

(END) Dow Jones Newswires

September 15, 2021 02:08 ET (06:08 GMT)

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