Fashion retail giant Inditex said on Wednesday that its recovery is continuing to gain momentum with its sales, EBITDA and net income in the second quarter of its financial year reaching "historic highs”.
The Spanish apparel group’s president insisted the business model is “solid” and said he is confident about the group’s recovery. If all Inditex stores will re-open in April, 2021 sales will be on par with 2019.
Zara-owner Inditex's little-known budget brand Lefties started online sales in Spain and Portugal on Thursday, giving the label a digital advantage over discount fashion chain Primark in its second-biggest market.
Employees at Inditex's 10 logistics centres in Spain - from where it sends garments to its stores worldwide - returned to work on Monday but only to less than half their normal levels of activity, workers said.
Inditex has switched its clothes factories in Spain over to making medical supplies and its logistics hub has almost ground to a halt, effectively freezing the nerve centre of its business from which it supplies stores.