2020 may have been a year of lockdowns and empty high streets, but Inditex, the owner of major fashion retailer Zara, announced Wednesday (September 16) it returned to profit in the second quarter.
All that despite sales falling almost a third as city centers stayed much emptier than usual.
The firm recorded a net profit of $253 million in the three months from May to July - more than double analyst forecasts of around $113 million.
Much of that could be put down to online sales, which shot up 74% in the first half - a trend also seen at rival retailers.
The Spanish conglomerate said 98% of it stores had reopened as lockdown restrictions were gradually lifted.
They announced current trade showed a gradual return to normality with online sales growing sharply and store sales recovering.
In the current quarter, sales from Aug. 1 to Sept. 6 at constant exchange rates were on an improving trend, though still down 11% from a year earlier.
Inditex shares rose 5% early Wednesday. Overall, the stock is down 24% on the year.