Norbolsa| The company has agreed with the trade unions to repeat the payment of the annual bonus of €1,000 per shop assistant in Spain (the same as in the previous year). There are 28,000 workers. This bonus, linked to turnover targets and paid once a year, in February, already existed before the pandemic, although the amount was lower, up to €540 per year.
Morgan Stanley| Our analysts have studied the impact of the Red Sea conflict-related transportation issues on 17 retail companies. The average impact is 7% of pre-tax profit on average if rates stay where they are. Estimating a 150% increase in freight rates, the impact on pre-tax profit is -2% in food, -6% in clothing and -14% elsewhere. All this before mitigations. Most companies know how to manage the impacts of…
Morgan Stanley| Inditex (ITX) reported very solid Q3 results with a slight beat in EBIT driven by a strong performance in gross margins, which rose 150bps year-on-year and beat consensus estimates by 70bps. Moreover, all this has led the company to raise margin guidance for FY23. On the other hand, sales came in line with consensus, with +12% cc growth, and current trading activity (1 November to 11 December) points…
Inditex (ITX) today reported its results for the first nine months of the fiscal year (9M2023), covering the period from February to October: Net sales rose 11.1% year-on-year (+14.9% at constant exchange rates) in 9M2023 to €25,609 million. ITX highlighted the satisfactory evolution of its online shop revenue, which was positive in all geographies and in all formats. Gross margin rebounded at a faster pace than sales, 12.3% year-on-year to…
Link Securities| Óscar García Maceiras, CEO of Inditex (ITX), during his speech at the 38th Aecoc FMCG Congress, announced the launch of Zara Pre-Owned, the platform that allows the repair, recycling and second-hand sale of its products in the United Kingdom in 2022, which has already arrived in France and will land in Spain and other EU countries before the end of its fiscal year (which ends on 31 January),…
Inditex’s (ITX) net income rose 40% in the first half of the fiscal year (from 1 February 2023 to 31 July 2023), to €2,513 million. Sales grew by 13.5% to €16,851 million, with a “very satisfactory” evolution both in shops and online, the company said. It also stressed that the evolution has been positive in all geographical areas and in all formats. Sales at constant exchange rates grew by 16.6%….
Alphavalue / Divacons| The Advocate General of the Court of Justice of the European Union, Maciej Szpunar, concluded on Thursday, in reference to the legal dispute of Inditex against Buongiorno Myalert, that the Italian company “cannot take advantage of the limitation of the rights of the trademark owner”, thus agreeing with the Galician group in its litigation against the firm. It should be recalled that in 2010, when Buongiorno Myalert…
Alphavalue / Divacons | The Galician textile company is boosting its furniture sales with the reopening of its flagship Zara Home store in Madrid. It does not aim to compete with the large multinationals in this sector, which offer cheaper products, but rather to target a public with more purchasing power. The shop, located in Madrid’s Salamanca neighbourhood, has a space of more than 670 square metres distributed over two…
Alphavalue / Divacons | As was seen on Friday in the domestic press, the shareholders’ meeting of the Galician textile company on July 11th is expected to approve a long-term incentive plan in cash and shares for members of the management team, including executive directors, and other employees of the group who are invited to participate in the plan, up to a maximum of 750 beneficiaries. Specifically, the plan consists…
Inditex’s (ITX) net profit rose 54% in its first fiscal quarter (1 February 2023 to 30 April 2023), to €1.168 billion. Sales grew by 13% in the first fiscal quarter, to €7,611 million, with a performance that has been described as “very satisfactory” both in shops and online. They also stressed that sales were positive in all geographic areas and in all formats. Sales at constant exchange rates were up…