Online sales in local currencies grew by 67% and sales were higher across all geographies and for every brand. This, 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. In local currencies, revenue was just 11.5% below the level of the first quarter of 2019.

One of the highlights of the reporting period was the trend in gross profit, which amounted to €2.96 billion, lifting gross margin to 59.9%, above the 58.4% recorded in the same period in 2020 and above that of the first quarter of 2019.

The first quarter saw growth in operating expenses at only 19%, significantly below sales growth. EBITDA amounted to €1.2 billion (€484 million compared to the same period in 2020), while EBIT totalled €569 million (compared to a loss of €508 million in the first quarter of 2020).

Net profit reached €421 million in the quarter, compared with a loss of €409 million in the first quarter of 2020.