Inditex says net profit fell 70% in 2020 from 2019 By Reuters

MADRID (Reuters) – Zara owner Inditex (MC:ITX) reported on Wednesday its net profit fell 70% in 2020 to 1.1 billion euros ($1.31 billion) after a year of global lockdowns and dampened demand caused by the coronavirus pandemic.

Fourth quarter net profit fell 53% to 435 million euros out of sales of 6.3 billion euros as restrictions on shopping came back into force across much of Europe around Christmas, the company said.

($1 = 0.8423 euros)