Inditex's net profit falls 70% as pandemic keeps many shops closed

- Reuters pic

MADRID: Zara owner Inditex said on Wednesday its net profit fell 70% in 2020 to 1.1 billion euros ($1.31 billion), a steeper drop than expected, after a year of global lockdowns and dampened demand caused by the coronavirus pandemic.

Fourth-quarter net profit fell 53% to 435 million euros out of sales of 6.3 billion euros as restrictions on shopping came back into force across much of Europe during the end-of-year holiday season, the company said.