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…
Link Securities | In an interview with the Financial Times, reported by Expansión, Inditex (ITX) Chairman and CEO Marta Ortega outlined a continuity in management based on improving the shopping experience and the efficiency of the group’s operating model, while maintaining the focus on sustainability. Ortega said that the product is the lifeblood of the group and where she can offer the most value, while she is on top of…
ITX sales reached €32,569 million in 2022, up 17.5% year-on-year (+18.0% at constant rates; +0.1% FactSet consensus), with growth in all geographic areas where ITX operates, and in both physical and online shops. In-store sales increased 23% year-on-year, due to higher commercial traffic, while online sales rose 4% year-on-year, reaching a record €7,806 million, 23.97% of the total. Broken down by geographic area, 47.5% of sales came from Europe (excluding…
Inditex has reached an agreement with the trade unions setting a fixed minimum wage from €18,000 for all employees in the shops of the group’s different brands throughout Spain, an amount to which will be added other variable payments such as those linked to seniority, commissions or night work, among others. It also approves aid for children and adoption, salary increases on Sundays and public holidays, higher commissions and bonuses….
Bankinter | Inditex’s Q3’22 results (August-October) met expectations. Sales were up 11% vs expected 9%. Despite some deterioration in a difficult context, margins are holding up at levels close to historic highs (M. EBIT 21.3% vs 21.7% in Q3’21). The Q4 kickoff, which includes the Christmas season (on average 30% of annual sales), is good. In the first 5 weeks (from November 1 to December 8) sales grew 12%, gaining…
Bankinter | According to the Russian media, Inditex will transfer its assets there to partners in a “friendly” country in Soutb East Asia or the Persian Gulf. The solution would include Massimo Dutti, Oysho and Zara Home leaving the Russian market completely. Meanwhile other brands, particularly Zara, would operate under other names and with new collections from spring of 2023. It could take six months to a year to finalise…
Inditex (ITX) published on Wednesday its results for the first half of the 2022 fiscal year (since February 1 to July 31) with sales, EBITDA and net profit reaching record highs. Net profit for the period increased 41% to 1.794 billion. Revenues amounted to 14.845 bn (+24.5%). Sales at constant exchange rates grew by 25%. The company underlined that sales were positive in all geographic areas. The consolidated result (Ebitda)…
CdM |Inditex (ITX)’s first quarter results released on Wednesday beat expectations; the net profit figure reflects the provision for the suspension of activity in Russia and the Ukraine. Main figures compared with Bloomberg consensus: Sales 6.742 billion euros (+36.4%) vs 6.237 billion expected. Gross Margin 4.054 billion euros (+36.9%) vs 3.713 billion (e). This means a margin of 60.1% vs 59.9% in Q1 2021 and 59.5% expected. EBITDA 1.917 billion…
Bankinter | Inditex’s 2021 results (closed at 31 January 2022) have not met expectations and the outlook is deteriorating. The model is showing resilience, with strong cash flow generation. However, forecasts for 2022 are getting complicated. On the revenues side: activites in Russia and Ukraine suspended (9% of stores), outbreaks of Covid-19 in China (5% of stores) and the deterioration in confidence and purchasing power of consumers in Europe and…
Inditex posted net profit of 3.243 billion euros in its fiscal year 2021, up 193% from a year earlier, when its earnings were hit by the Covid-19 pandemic. The figure was still 11% below the 3.639 billion euros recorded in 2019. Total sales at the Zara owner rose 36% to 27.716 billion euros year-on-year, while online sales increased by 14% to 7.5 billion euros, 25.5% of the total in 2021….