The Q1 2026 results (ended 30 April) slightly beat expectations: sustained sales growth and widening margins in a challenging environment. Bankinter Analysis Q1 2026 results slightly beat expectations and reflect the strength of the business model in a challenging environment, where listed competitors (H&M, Fast Retailing, GAP) are posting weaker performance in terms of growth and margins. Sales at constant exchange rates grew by 8.8% compared to the expected 8.4%…

Link Securities | Inditex (ITX) has renewed the extraordinary incentive for its store employees in Spain and will pay a bonus of €1,500 to nearly 30,000 workers in their February payroll, according to Expansión newspaper. This payment is linked to the commercial performance targets of each store. In ITX’s 2025 financial year, which ended on 31 January, more than 99% of the group’s stores in Spain achieved an incentive equal…

Link Securities | Under the current authorisation granted by the Ordinary General Shareholders’ Meeting on 11 July 2023 for the derivative acquisition of treasury shares, the Board of Directors of Inditex approved, at its meeting held last week, a Temporary Share Buyback Programme with the following characteristics: The purpose of the Programme is to enable Inditex to comply with its obligations to deliver shares to certain members of the management…

Banc Sabadell | We expect comparable sales growth in Q3 2025 (published 03/12) of 7.8%, representing a normalisation in the second half of the quarter to a solid 7% (versus 9% indicated in the trading update, Aug/8-Sep). At a reported level, it will fall to +3.8%, still penalised by the exchange rate effect. We expect some improvement in gross margin (10 bps to 61.6%), favoured by a comparable base, which,…

Link Securities | Inditex (ITX) has set its sights on Las Vegas (Nevada, United States), with the opening of a store in Caesars Palace, one of the largest gaming and shopping establishments in the state, according to a report on Tuesday by Expansión. Inditex announced that it will open a Zara flagship store in The Forum Shops at Caesars Palace, the shopping centre of the famous hotel and casino. The…

Alphavalue/ Divacons | The Spanish fashion company plans to bring Lefties to London to compete directly with Primark. Although Zara continues to pursue a more premium positioning, the group is diversifying with low-cost brands, and Lefties fits into this segment, which has benefited from tight consumption. After growing in Spain, Portugal and Mexico, it is now expanding into France and the United Kingdom. Its great advantage over Shein, Temu and…