Inditex, owner of the Zara brand, announces a profit jump | Business

The world’s largest clothing retail chain reported its net profit up 80 percent in the first three months of fiscal year compared to the same period last year.

The network earned 760 million. profit (USD 812 million) compared to EUR 440 million. EUR 470 million (USD 470 million) in the first quarter of the financial year 2021, when the effects of the coronavirus pandemic were felt.

The fashion group, which owns eight brands, including the luxury Massimo Dutti and teen brand Stradivarius, warned earlier this year that sales in 2022 would be affected by the Russian invasion of Ukraine.

After Russia sent forces to its neighbor at the end of February, Inditex closed all its stores in Ukraine and on March 5 closed all retail sales in Russia, the largest market after Spain, closing 502 stores, and suspended online sales.

Inditex added that the highly contagious variant of the coronavirus omicron had a “significant” impact on commercial activity in the last quarter of 2021, leading to a “sharp decline in retail sales in network stores” in many countries.