Inditex plans 1 billion euros investment to boost sales and profit

Inditex posted a 44 percent decline in its first quarter turnover to 3.3 billion euros. The company said in a statement that the decline was limited to 44 percent despite as many as 88 percent of the group’s stores being closed at some point during the quarter due to the Covid-19 pandemic. The company added that online sales recorded strong growth of 50 percent during the period, specifically increasing by 95 percent in April. The gross margin remained constant at 58.4 percent of sales, while Inditex’s first-quarter EBIT amounted to negative 200 million euros and net loss was 175 million euros.