, paragraph 3)
LISBON, June 9 (Reuters) - Spanish retail giant Inditex
reported a first-quarter net profit of 421 million
euros ($513 million) on Wednesday, a number that easily beat
analysts' expectations but was still a third below pre-pandemic
levels for the same period a year ago.
Six analysts polled by Refinitiv had estimated a net profit
of 359.29 million euros for the home of the Zara clothing chain.
Revenue for the February-April quarter reached 4.9 billion
euros, 48% more than in the first quarter of 2020, but still
well short of 2019's 5.93 billion euros.
Online sales were up by two-thirds from last year as
lockdowns kept stores across the world closed or operating under
limited capacity for much of the quarter.
The company said 98% of its stores had reopened by June 6,
but with around 10% fewer opening hours available due to
pandemic-related restrictions. A total of 24% of business hours
were lost through the quarter to store closures and
Sales between May 1 and June 6 more than doubled compared
with the same period last year, and were up 5% compared with the
same period in 2019, indicating a post-lockdown spike in demand
also seen by other retailers including Next and
Abercrombie & Fitch Co..
"The results show a progressive recovery even as they have
been materially affected by the health situation with the
temporary closure of stores in key markets like the U.S.,
France, Germany, Italy, Portugal and Brazil," the company said.
Earnings before interest, taxes, depreciation and
amortisation (EBITDA) stood at 1.23 billion euros, nearly triple
last year's earnings, but still 27% below 2019 levels.
The company's shares closed at 32.3 euros on Tuesday,
matching pre-pandemic levels for the first time since March
($1 = 0.8211 euros)
(Reporting by Victoria Waldersee; Editing by Inti Landauro and