By Guest Writer • 17 December 2021 • 11:14
THE Spanish fashion chain Inditex reveals huge profits for 2021 as revenue amounted to €19.33 billion in the first nine months of its fiscal year, (February 1 to 31 October 31, 2021), marking year-on-year growth of 37 per cent.
Net profit over that same period came in at €2.5 billion, compared with €671 million in 2020 which is a massive increase of 273 per cent although it recognises that 2020 was exceptionally low due to international lockdowns.
As the recovery continues, the 2021 profits compare favourably to 2019 when in the same period, the company made €2.73 billion.
Inditex’s Executive Chairman, Pablo Isla, said: “These results are very satisfactory and demonstrate once again the solidity of our business model, the quality and commitment of our teams, and the potential being realised by our strategy of fully integrating stores and online.”
It should be noted that when it was announced that Isla was due to step down in April 2022 to be replaced by Marta Ortega, the 37-year-old daughter of founder Amancio Ortega, shares immediately dropped in value and they fell again despite the announcement of the enormous profits.
The new president’s challenge will be to manage the fall in profit margins caused by ever increasing manufacturing and transport costs and the growth in Spain of Chinese competitor Shein.
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