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  • Spain's Inditex, which owns the Zara fashion chain, reported Wednesday a first quarter loss of 409 million euros as the coronavirus crisis devastated sales. Sales for the January to March period nearly halved, to 3.3 billion euros ($3.7 billion) from 5.9 billion euros a year earlier, it said. The group reported a first quarter 2019 net profit of 734 million euros. It said this year's first quarter loss included a provision of 308 million euros for work in its shops and without this cost, the net loss would have been 175 million euros. Online sales meanwhile jumped 50 percent in the three months, with a gain of 95 percent in April as governments imposed tough lockdowns around the world. The company said sales were down 51 percent in May and off 34 percent in the first week of June. emi/oaa/bmm/gd
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  • Virus crisis pushes Spain's Inditex into Q1 loss
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