Zara Owner Inditex Reports that Net Income Fell 70% During Pandemic

Spanish multinational clothing company Inditex, which owns large retailers like Zara and Bershka, announced in its 2020 annual report that its net income fell by 70 percent from 2019. Inditex explained that losses were due in part to disruptions caused by COVID-19, including restrictions placed on social gatherings and local lockdown laws. The company said that trading hours in-store were down 25.5 percent in 2020, and 30 percent of its global stores were shuttered by January 31. Over half of it...