The Board of Directors of Inditex, at the initiative of its Chairman Pablo Isla and founder Amancio Ortega, and following the proposal of the Nomination Committee, has approved the appointment of Marta Ortega Pérez as Chairman of the Group. She will be a proprietary director, an appointment that will be effective as from 1 April 2022. On the other hand, Óscar García Maceiras, until now Secretary General and Secretary of…
The Spanish oil company has announced an agreement with Pontegadea, Amancio Ortega’s investment company, to partner in its first operational wind farm in Spain, representing the investment group’ first renewables deal. Specifically, Pontegadea will invest 245 million euros to take 49% of the Delta wind farm, valued at 500 million, a project with an installed capacity of 335 MW located in the province of Zaragoza (Spain). The remaining 51% of…
Link Securities | Inditex (ITX) has presented its results for the first half of its fiscal year (H1 2021), which runs from February to July, achieving record sales, EBITDA and profits. Revenues came in at €11.936 billion, 49% higher than in H1 2020, and in line (-0.3%) with the figure expected by FactSet’s analysts’ consensus. At constant exchange rates revenues grew by 53%. Online sales at constant exchange rates rose…
Inditex (ITX) today holds its Annual General Meeting of Shareholders where, amongst other matters, it will approve the payment of a gross dividend of 0.70 euros per share. This will be divided into an ordinary dividend of 0.22 euros gross per share and an extraordinary dividend of 0.48 euros gross per share. On the occasion of the AGM, in an interview with the newspaper Expansión, Inditex Chairman, Pablo Isla, gave…
Inditex earned 421 million euros in the first quarter of its fiscal year (1 February to 30 April) compared to a loss of 409 million euros a year earlier. The company’s sales were 4.942 billion euros, up 50% from 3.303 billion euros in the first quarter of 2020. Online sales at constant exchange rates grew by 67%. Key figures compared to Bloomberg consensus: Sales €4.942bn (+49.6%) vs €4.880bn (+47.7%) expected….
T.C. | The world leader in the textile sector, Inditex, today announced its foray into the world of cosmetics from Wednesday 12 May, with the launch of a new cosmetics line, Zara Beauty. It “will be integrated as another section and will be available online in all European markets, USA, Canada, China, South Korea, Japan, Mexico, Australia and New Zealand.” Later, it will be incorporated in all countries and have…
Inditex has published results for its first fiscal quarter (February-April), reflecting as expected the strong impact of the coronavirus: historical losses of €409 million, positive EBITDA although 78% lower than in Q1’19, and a 44% drop in revenues. Nevertheless, the company confirmed the payment of a dividend against 2019 results of 0.35 euros/share, 60% less than a year earlier.
Inditex recorded net income of 3.63 billion euros in the fiscal year 2019-2020 (from 1 February 2019 to 31 January 2020), a rise of 6% compared to a year earlier. This was after making a 287 million euros provision in the Gross Margin to adjust the estimated value of the spring/summer campaign’s inventory affected by the Covid pandemic. Without this impact, its Gross Margin would have amounted to 16.09 billion euros, 56.9% of sales.
Bankinter | The Spanish group presents Sales recover traction in 3Q19, margins rebound and cash generation accelerates with lower investment effort and reduced inventories.
BOfAML | We see a lower percentage of SKUs on discount in November compared to November 2018, which reflects a less aggressive discounting strategy by Zara in 2019, in our view.