Inditex sales and profits rise amid strong autumn trading
The company attributed the financial performance to “the creativity of the teams and the strong execution of the fully integrated business model”
Fashion retailer Inditex, the owner of Zara, has reported an 11.1% sales increase to €25.6bn (£22bn) for its 2023 nine months results, with trading boosted by sales from its Autumn and Winter collections.
Over the same period, gross profits for the group increased 12.3% to €15.2bn (£13bn), while EBITDA increased 13.9% to €7.4bn (£6.3bn).
It comes as sales showed “very satisfactory development” both online and in store, and grew 14.9% in constant currency across all geographical areas and in all concepts.
The company attributed the financial performance to “the creativity of the teams and the strong execution of the fully integrated business model”.
The company said that the Autumn/Winter collection continues to be “very well received” by customers with store and online sales between 1 November and 11 December increasing 14% compared with the same period last year.
During the nine-month period, Inditex has also carried out openings in 36 markets and now operates 5,722 stores.
For the full-year results, Inditex now expects a gross margin of 75 bps higher than in FY22.
The company said: “For FY2023, we are making investments that are scaling our capabilities, generating efficiencies, and increasing our competitive differentiation to the next level. We estimate ordinary capital expenditure of around €1.6bn (£1.3bn).”
