Zara's first quarterly net profit hits analysts'expectations

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Zara's first quarterly net profit hits analysts'expectations

A staff member sorts clothes inside a clothing store of Zara brand for the newly opened Shopping Mall in Beijing, China on 16 April 2021. REUTERS Tingshu Wang Photo

On Wednesday, the Spanish retail giant Inditex reported a first quarter net profit of 421 million euros, hitting analysts'expectations, but still a third below same levels in the same February-April period.

Net sales 4.8 billion euros reached the month of March 2019, still over the 5.93 billion euros previously recorded in the first quarter of 2019.

Online sales were down 67% from last year as store closings across the world or operating under capacity for much of the quarter, due to pandemic restrictions.

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