What's going on?

Inditex � the world�s largest clothing retailer � was left feeling pretty exposed on Wednesday after revealing it made its first-ever loss as a public company last quarter.

What does this mean?

Inditex � owner of fashion chains Zara, Massimo Dutti, and Berskha � reported revenue for February, March, and April that was 44% lower than the same time last year. That, despite a 50% rise in its online sales last quarter: ecommerce alone � which contributes much less to Inditex�s sales than its stores do � couldn�t make up for the 90% of outlets that were shuttered in April. Add the company�s $350 million provision for store improvements into the mix, and the fashionista ended up closing the quarter almost $500 million in the red.

Still, this quarter looks like it�ll better match Inditex�s style: May kicked off with another 51% drop in sales, sure, but they�re �only� down 34% so far in June � and just 16% in markets that were fully open. In fact, Inditex reckons sales China, Japan, and South Korea are now completely back to normal.

Why should I care?

For markets: Fast and furious.

Inditex�s stock rose just over 1% on Wednesday, potentially because it benefits from brands that can get the newest trends to customers almost as soon as non-essential stores reopen worldwide. The retail juggernaut takes about a month to get fresh styles into its stores � a major competitive advantage in today�s fast-fashion environment � while rival H&M keeps customers waiting for closer to six months.

For you personally: Sitting pretty.

Inditex now has 10% less inventory than this time last year, along with $6.6 billion worth of cash in the bank. That should mean the company�s under less pressure than its less well-off competitors to shift idle stock by offering hefty discounts (tweet this). Primark � the low-cost fashion retailer that famously doesn�t have an ecommerce business � has also said it won’t offer discounts when it reopens either.