Zara owner Inditex reported on Wednesday its net revenue fell 70% in 2020 to 1.1 billion euros ($1.31 billion), a steeper drop than anticipated, after a year of worldwide lockdowns and moistened need brought on by the coronavirus pandemic.
Fourth quarter net revenue fell 53% to 435 million euros out of sales of 6.3 billion euros as limitations on shopping returned into force throughout much of Europe around Christmas, the business stated. Around 15% of its stores around the world were still closed due to COVID-19 limitations since March 8, Inditex stated in a declaration.
Six experts surveyed by Refinitiv anticipated a quarterly net revenue of 602 million euros, while a survey of 24 experts anticipate full-year net revenue at 1.3 billion euros.
The Spanish quick style seller, which runs 6,829 shops around the world, stated overall sales in 2020 were down 28% from in 2015 at 20.4 billion euros, as an extraordinary 77% of online sales boost partially balanced out the pandemic’s unfavorable results.