Inditex — which runs its business year from February to January — said in a statement that it booked a net profit of €421 million in the three months to April, compared with bottom-line loss of €409 million a year earlier.

“The first quarter stands out for its solid operating performance, with growth in operating expenses… significantly below sales growth,” the statement said.

Revenues expanded by 50% to €4.9 billion — with online sales surging by as much as 67% in local currency terms — and underlying or operating profit jumped by 155% to €1.2 billion.

“Sales were higher across all geographies and every brand despite the fact that 24% of trading hours were unavailable due to lockdowns and restrictions (16% of the group’s stores remained closed at the end of the quarter) in addition to other capacity restrictions,” Inditex said.

“Our differentiation and strategic transformation towards a fully integrated, digital and sustainable model continues to bear results,” said chief executive Pablo Isla.