Zara-owner Inditex postpones dividend as sales plummet
Share:
MADRID (Reuters) - Zara-owner Inditex said on Wednesday the coronavirus pandemic had dealt a significant blow to its business, with sales in the first two weeks of March plunging 24.1% and nearly half its stores temporarily closed around the world.The cash-rich fashion group postponed its dividend payment and booked a provision of 287 million euros ($316 million) as the slump in demand while shoppers stay at home to avoid infection reduces the value of its spring/summer inventory."The solidity..