Inditex maintained solid operational momentum during the first half of fiscal year 2026, delivering strong top-line growth and expanded margins across its core international markets. James Grzinic (Jefferies) says: ITX’s Q2 confirms an 8.1% YoY EBIT gain (3% shy of cons largely due to dd opex increases) as org growth of 9.5% was accreted by gm expansion of 22bps partly diluted by ope increases in excess of 10% (perhaps reflecting…
Reported by Consejeros Editorial Team Inditex’s annual general meeting, held on Tuesday in Arteixo, approved the reappointment, for a further two-year term, of six of the ten members of its board of directors. Shareholders supported the reappointment of Marta Ortega Pérez as a non-executive director, Óscar García Maceiras as an executive director, Flora Pérez Marcote as a non-executive director, and the independent directors Denise Patricia Kingsmill, Pilar López Álvarez and…
Inditex has reached a new agreement with the CCOO and UGT trade unions, featuring pay improvements and new social conditions for nearly 30,000 store employees, which includes a 12.5% salary increase until 2028. The agreement sets a 4% increase each year through 2028. This is a renewal of the agreement that the group signed in February 2023 with both unions and, besides the salary hikes, it includes other improvements such…
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%…
EBITDA grew by 7.3% to €2.568 billion, whilst EBIT increased by 7% to €1.756 billion and pre-tax profit also rose, specifically by 5.5%. Reported by Consejeros Editorial Team Inditex presented its first-quarter results on Wednesday, closing the period with a net profit of €1.375 billion, representing a 5.4% increase compared to the same period last year. The company has also announced that it will propose to the Annual General Meeting…
Link Securities | Zara, the flagship brand of Inditex (ITX), announced on Tuesday a two-year creative collaboration with designer John Galliano, who will reinterpret the brand’s archive across various collections, according to a report in Expansión on Tuesday. With this partnership, Zara continues to advance its strategy of positioning itself as an affordable luxury brand. The chain has other high-profile partnerships, such as with Jo Malone for perfumes, and others…
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…
Jefferies | Impressive Q3 results… with group sales/EBIT of €9.81bn/€2.37bn (cons €9.71bn/€2.25bn) for Aug-Sep, this for ex fx growth of +8.4% (versus cons of +7.8% and buyside apparently somewhere between 7% and 8%) which follows the 9% of current trading disclosed for 1-Aug to 8-Sep. Gross margin landed at +79bps year-on-year to 62.2%, versus cons/JEFe of +8bps/+55bps. EBIT margin progress was good (in light of fx sales dilution of -3.5%…
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,…