Net profit totalled €421m (£362m) in the quarter, up from a loss of €409m (£352m) reported in the first quarter of 2020 when global lockdowns were in full effect. Total revenue was only 11.5% below the level of the first quarter of 2019.
Over the period, sales were higher across all geographies and every brand despite the fact that 24% of trading hours were unavailable due to ongoing lockdowns and restrictions, with 16% of stores remaining closed at the end of the quarter.
According to the group, the first quarter also stands out for its “solid” operating performance, with growth in operating expenses at only 19%, significantly below sales growth. EBITDA amounted to €1.2bn (£1bn), up from €484m (£416m) the year before, while EBIT totalled €569m (£489m), compared to a loss of €508m (£437m) in the first quarter of 2020.
Alongside its Q1 results, the group also noted that store and online sales between 1 May and 6 June are currently tracking 102% above the same period of 2020 and 5% above that of 2019, largely helped by the popularity of its Spring collections.
Throughout that trading period, 10% of trading hours were unavailable due to store closures and restrictions, but by the start of the second quarter, as of 7 June, 98% of the group’s stores were open.
Inditex’s executive chairman, Pablo Isla, highlighted how the group’s “differentiation and strategic transformation towards a fully integrated, digital and sustainable model continues to bear fruit supported by the commitment displayed by all the people who work at Inditex”.