Companies

Strong performance of Inditex in 2023

Mar 15, 2024 Spain

The Spain-based fashion group reported a 10.4% year-over-year growth in sales to 35.9 billion euros in 2023, with positive results across all channels and regions. Profits up by 30.3%

“Inditex’s performance in 2023 has been excellent. Our teams have been able to take advantage of the opportunities to keep growing profitably. We are investing to drive future growth and continue to offer an attractive remuneration to shareholders”, commented Oscar García Maceiras, CEO of Inditex.

Fiscal 2023 Results

In 2023, the group’s sales reached 35.9 billion euros, increasing by 10.4% on a comparable basis to the previous year; in constant currency, sales grew by 14.1% year-over-year.

This result was supported by a “very satisfactory” performance both in stores (with sales up by 7.9% year-over-year) and online (up by 16% year-over-year), and in all geographical areas – Inditex’s sales rose by 48.7% in Europe, 19.6% in the Americas, 16.9% in Asia and the rest of the world and 14.8% in Spain.

The company’s gross profit increased by 11.9% last year to 20.8 billion euros, as compared to the year 2022. Accordingly, its gross margin improved by 77 basis points to 57.8%.

On a comparable basis to the previous year, Inditex also reported an increase in EBITDA of 13.9% to 9.9 million euros and an increase in EBIT of 23.4% to 6.8 million euros in 2023. The company’s net income also reached “historic highs”, with a growth of 30.3% year-over-year to 5.4 billion euros.

2024 Update

According to the fashion group, “Spring/Summer 2024 collections have been very well received by our customers”, leading to store and online sales increase in local currencies of 11% from the 1^stof February to the 11^th of March (adjusted for the calendar effect of an extra trading day in February due to the leap year), as compared to a similar period of 2023.

Image Credits: fashiongonerogue.com

Spain Companies Fashion Inditex Results Year Results