Inditex operates 13 Zara stores in Hong Kong. Zara owner Inditex said on Wednesday its net profit fell by 70 percent in 2020 to 1.1 billion euros (US$1.31 billion), a steeper drop than expected, Reuters reports. Fourth-quarter net profit fell by 53 percent to 435 million euros out of sales of 6.3 billion euros as restrictions on shopping came back into force across much of Europe during the end-of-year holiday season, the company said. About 15 percent of its shops worldwide were still closed due to coronavirus disease restrictions as of March 8, Inditex said in a statement. The Spanish fast-fashion retailer, which operates 6,829 stores worldwide, said total sales in 2020 were down by 28 percent from last year at 20.4 billion euros, as an unprecedented 77 percent of online sales increase partly offset the pandemic's negative effects.

Source: The Standard March 10, 2021 08:15 UTC