{"id":164346,"date":"2021-03-10T10:31:29","date_gmt":"2021-03-10T10:31:29","guid":{"rendered":"https:\/\/www.theindustry.fashion\/inditex-sees-profits-of-940-million-due-to-substantial-online-growth\/"},"modified":"2021-08-06T12:10:34","modified_gmt":"2021-08-06T12:10:34","slug":"inditex-sees-profits-of-940-million-due-to-substantial-online-growth","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/inditex-sees-profits-of-940-million-due-to-substantial-online-growth\/","title":{"rendered":"Inditex sees profits of \u00a3940 million due to substantial online growth"},"content":{"rendered":"
Spanish retail group Inditex<\/a> has generated a profit of \u00a3940 million (\u20ac1.1 billion) in the 2020 financial year,<\/strong> attributed to a substantial increase in online sales.<\/p>\n Online sales at the group, who own brands including Zara, Pull&Bear and Bershka, increased by 77% in local currencies to \u00a35.65 billion<\/strong> (\u20ac6.6 billion) in the year between 1 February-31 January 2021.<\/p>\n With lockdowns and social restrictions impacting trading hours (down 25.5% compared to 2019), total net sales online and in-store reached \u00a317.47 billion<\/strong> (\u20ac20.4 billion). Overall net sales at the group declined 28% year on year.<\/p>\n Zara<\/a> made up the largest proportion of net sales, reaching \u00a312.09 billion<\/strong> (\u20ac14.12 billion), Bershka<\/a> came in second position with net sales of \u00a31.51 billion (\u20ac1.77 billion).<\/p>\n Inditex also achieved all of its Sustainability Roadmap Goals for 2020, with outperformance in two main areas: Join Life and renewable energy. The Group has also set ambitious new targets for the year 2023.<\/p>\n <\/p>\n During 2020, Inditex opened 29 new stores and launched its online sales platform in 25 new international markets<\/strong>. At the end of the financial year, Inditex had 102 stores in the UK.<\/p>\n Inditex expects total annual capital expenditure during the period 2020-2022 to be around \u20ac900 million, with further digital investments of \u20ac1 billion over three years as online sales are expected to continue growing at a significant rate.<\/p>\n