Zara owner Inditex is bullish on business once lockdowns are lifted even as its profits plunged 70% to 1.1 billion euros in 2020, the company said in a press release.
- The full-year bottomline is less than 1.3 billion euros forecasted. The fourth-quarter net profit fell 53% to 435 million euros versus forecasted 602 million euros.
- Total sales were down 28% to 20.4 billion euros last year, surpassing rival H&M. Online sales rose 77%.
- The group is set to continue investments in 2021 and 2022 with a capital expenditure of 2.7 billion euros. It has invested over 11 billion euros in technological integration, digitalization, transformation, and store adaptation since 2012.
- Inditex closed 2020 with 6,829 stores after 111 stores in 29 markets. All are scheduled to reopen by mid-April.
- A dividend of 0.70 euros per share will be submitted for approval at the annual general meeting scheduled in July. It will be made in two equal payments, 0.35 euros in May and another in November.