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The company will release its 2Q’20 results (including May, June and July) on 16 September. Sales could fall by-32% in the 2Q’20 on a standalone basis, EBIT by -82% and Net Profit by -85%. We expect a poor set of results due to effects from Covid-19, although better than those seen in Q1 (when April was hit hard by store closures). Taking the comments made in June, we know that sales at constant currency in May fell -51%, whereas over 02-08 June they fell -34%. Assuming that the rest of June and July showed a -17% drop, we come to a -32% drop in LfL sales on the quarter.
INDITEX: 2Q’20 RESULTS PREVIEW (ANÃLISIS BANCO SABADELL)
2Q’20 Results Preview. We expect a poor set of 2Q’20 results against a very weak macroeconomic and sector backdrop.The company will release its 2Q’20 results (including May, June and July) on 16 September. Sales could fall by-32% in the 2Q’20 on a standalone basis, EBIT by -82% and Net Profit by -85%. We expect a poor set of results due to effects from Covid-19, although better than those seen in Q1 (when April was hit hard by store closures). Taking the comments made in June, we know that sales at constant currency in May fell -51%, whereas over 02-08 June they fell -34%. Assuming that the rest of June and July showed a -17% drop, we come to a -32% drop in LfL sales on the quarter.
Underlying
Inditex (ITX SM)
Provider
Sabadell
Ignacio Romero
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