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Inditex SA had a difficult fourth quarter as the spread of the Omicron variant of SARS-CoV-2 weighed on earnings from its Zara and Massimo Dutti clothing chains.
Increased markdowns and higher operating costs related to the COVID-19 pandemic stripped 400 million euros (US$439 million) from profit in the three months through January, the Spanish company said yesterday.
The shares were little changed in early trading, having lost one-quarter of their value in the past year.
These are the last set of results under chairman Pablo Isla’s supervision as Marta Ortega, the 38-year-old daughter of Inditex’s founder, is set to replace him at