Zara sales soar as liberated shoppers let rip

STORY: Sales at Zara are soaring.

Owner Inditex said Wednesday (June 8) that its quarterly profit jumped 80%.

The gain came as consumers stuck at home during the health crisis revamped their wardrobes.

Net profit for February to April hit around $812 million, in line with analyst forecasts.

First-quarter sales were up 36%, as the company managed to offset higher costs with price increases.

Early indications suggest the next quarter might not be as good though.

Sales were only up 17% from May into early June.

The conflict in Ukraine is also a drag on income.

Inditex shut its 502 shops in Russia following the start of fighting.

The country had been its second-largest market by number of stores.

However, the ongoing recovery in the UK, U.S. and Europe helped offset the losses from Russia.

Inditex shares rose over 4% in early trades following the earnings news.

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