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Inditex, the parent company of Pull and Bear, Zara and Bershka, saw its sales reach €23.1bn (£19.8bn) in the third quarter this year. This was a 19% increase on the same period last year, while sales in constant currency grew 20%.
This comes as traffic and store sales increased over the course of Q3, which the group attributed to its store differentiation. Online sales also continued progressing “satisfactorily” and were above the record figures of Q3 2021.
It is reported that the group’s gross profit also increased 19% to €13.5bn (£11.6bn), which has caused the gross margin to reach 58.7%.
However, despite Inditex’s operating expenses increasing by 17% in the third quarter, which is below sales growth, the group’s EBITDA increased 20% to €6.5bn (£5.5bn) and EBIT 27% to €4.2bn (£3.6bn). PBT also increased 25% to €4bn (£3.4bn).
In addition, given the group’s “strong” execution of the business model, its net cash position grew to €10bn (£8.6bn). Inditex’s net income for the third quarter increased 24% to €3.1bn (£2.6bn).
Óscar García Maceiras, CEO of Inditex, said: “In the current challenging context, these results clearly reflect the strength of our unique business model: fashionable collections, an appealing shopping experience and a team highly committed to achieving profitable and more sustainable growth.”
