MADRID               –             Spanish textiles large Inditex, proprietor of the Zara chain of style retailers, stated Wednesday it was tak­ing a cost of 287 million euros ($320 m)in its 2019 outcomes be­reason for the coronavirus disaster.

The corporate stated web revenue for its yr to end-January 2020 was 3.6 billion euros, a acquire of six p.c with the cost, however which might have been 12 p.c with out it. Analysts surveyed by Factset had anticipated web revenue of three.Eight billion eu­ros. Inditex stated it was suspending its dividend to guard the enterprise in a well being disaster which has pressured it to shut half of its retailers world wide.

Gross sales for the yr got here in at 28.Three billion euros, up 8.zero p.c and according to forecasts.

“It is too early to give an out­look for 2020,” given the volatility generated by the coronavirus out­break, the corporate stated.

The impression up to now, nonetheless, has been “very significant,” it added.

Of its 7,469 boutiques world wide, “3,785 are currently closed temporarily in 39 markets,” it stated.

On the identical time, it stated almost all its retailers in China, a key market and producer of its items, had re­opened because the authorities pegged again the virus.

Inditex, which owns different prime manufacturers resembling Massimo Dutti, Bershka, Stradivarius, stated its on­line gross sales operations — about 10 p.c of the overall — had been regular in all its markets, as had been its sup­ply chains