Inditex sales in March fell 24% amid coronavirus

the Spanish Inditex SA’s net profit and sales in the 2019 financial year. However, during the first 16 days of March, sales fell by 24% due to temporary closure of shops on the background of coronavirus, said the company.

Net profit the world’s largest retailer of clothing in 2019 fingado ended January 31, amounted to 3.64 billion euros, compared to 3.44 billion euros a year earlier. The result, however, was worse than expected: analysts polled by FactSet expected a profit of 3.83 billion euros.

sales of Inditex, owner of Zara, in the past financial year increased by 8% to 28.29 billion euros.

However, the pandemic of mers violated global business activity, had an effect on Inditex. Its sales, both online and traditional stores in local currencies fell by 4.9% in the period from 1 February to 16 March. The decrease for the period from 1 to 16 March was 24%. As of Wednesday, the fashion giant has temporarily closed 3785 stores in 39 countries.

the Company said it cannot yet assess the full impact of the coronavirus in its annual forecast.

the Number of infected COVID-19 in the world amounted to almost 200 thousand people. No more European countries affected by the pandemic.