Sales at Zara’s parent company Inditex are holding steady, albeit slowing from pandemic peaks, with sales up 9% during the holiday season from November 1 to December 9.

That’s still below the 14% sales surge seen at the start of last year’s holiday shopping season, however. The news sent shares down 6.5% in Wednesday trading after the news broke. Zar is taking market share from the LVMH-owned brands.

In the third quarter, after-tax profit was €1.68 billion, up 6% from a year earlier, but revenue was €9.4 billion, 2% below analysts’ expectations.

Inditex’s growth is broad-based and global, and it has highlighted the United States in recent years, where its market share is still small. In the first nine months, sales rose 10.5% at constant exchange rates to €27.4 billion, and 7.1% on a reported basis, while gross profit rose 7.2% to €16.3 billion.