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Zara owner Inditex books first-ever quarterly loss as sales tumble

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Zara owner Inditex has booked its first-ever quarterly loss (PA)

Zara owner Inditex has booked its first-ever quarterly loss (PA)

Zara owner Inditex has booked its first-ever quarterly loss (PA)

Zara owner Inditex booked its first-ever quarterly loss on Wednesday as it reported results for the period February to April that spanned the coronavirus outbreak and the ensuing shuttering of thousands of its stores around the world.

The retailer booked a net loss of €409m on sales of €3.3bn- nearly half the sales of €5.9bn booked in the same period one year ago.

The company said it expected all stores in key markets to be open by end-June. Online sales rose by 95pc in April, it said.

Sales in constant currencies fell 34pc in the recent June 2 to June 8 period, it said.

In markets in which stores were open, sales fell 16pc in that period.

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