MAX Immo

First-quarter results of American apparel retailers all say the same story: the pandemic has shuttered their stores and losses have accumulated. In California, Guess announced a decrease of 51.5% of its revenue to 260.3 million and a net loss of $157.7 million. In Florida, the women's apparel group Chico's suffered a 46% slide of its revenue. Its net loss increased to $178 million. Both companies are now reopening their stores. However short term traffic is slower than the year before.

Fort Myers-based Chico's loses $178M in first-quarter revenue Chico's, the women's clothing store company, doubled online sales but still lost $178 million from coronavirus-related shutdowns in the first quarter.

Inditex, the Spanish owner of Zara has suffered from the closure of 88% of its 7000 stores. Its first quarter revenue decreased by 44,3% to €3.3 billion and for the first time in its history, Inditex recorded a net loss of $409 million. Nevertheless, the company reacted quickly and managed to keep its inventory 10% lower while switching its business online. In April, its online sales rose 95%. To sustain the engagement of net surfers, the company will invest €2.7 billion over the next 3 years to merge online with in-store shopping.

Zara owner to close up to 1,200 fashion stores around the world Inditex seeks to boost online retailing as coronavirus causes 44% sales slump