Companies

Inditex posts strong first quarter

Jun 6, 2024 Spain

The Spanish-based fashion retailer has posted a strong performance in the first quarter of the year. Sales were up by 7.1% and net income was up by 10.8%, as compared to the same period of 2023

“Inditex continued with a very robust operating performance due to the creativity of the teams and the strong execution of the fully integrated business model” said the company, highlighting that “Spring/Summer collections have been very well received by our customers”.

The fashion giant recorded sales of 8.2 billion euros in the first quarter of 2024, which represents an increase of 7.1% (or 10.6% on a constant currency basis), as compared to the same period of last year.

In the first three months of the current financial year, Inditex’s gross profit grew by 7.3% to 4.9 billion euros, on a comparable basis to the same quarter of 2023, with gross margin up by 13 basis points year-on-year to 60.6%.

Inditex continued to show strong profitability in the first quarter, with EBITDA up by 8% at 2.4 billion euros, EBIT up by 10.3% to 1.6 billion euros and PBT up by 11.1% at 1.7 billion euros, as compared to a similar period of the previous year. Net income also increased by 10.8% year-on-year to 1.3 billion euros.

At the end of the period, the fashion retailer operated 5 698 stores worldwide, having opened its first stores in Uzbekistan and re-opened 48 stores in the Ukrainian market.

Image Credits: theimpression.com

Spain Companies Fashion Inditex Quarter Results Results