Inditex H1 sales rise by 7.2% to €18bn amid ‘well received’ collections

Zara-owner Inditex has reported a 7.2% year-on-year rise in revenues to €18.1bn (£15.3bn) for the first half of 2024, with profit before tax rising 10.6% to €3.6bn (£3.04bn).

The group has also revealed that net income rose by 10.1% to €2.8bn (£2.36bn), while gross profits rose by 7.5% to €10.5bn (£8.86bn), with gross margins rising by 19% to 58.3% compared with the prior year. 

Meanwhile, EBITDA at the Spanish-owned fashion retailer increased by 8.1% to €5bn (£4.22bn) during the period. 

It comes as the group’s Spring/Summer collections have been “very well received” by customers.

According to Inditex, sales were positive across all of its concepts across both stores and online, which has led to sales in constant currency growing by 10.2%. 

Meanwhile, the group has also said that its Autumn/Winter collections have also benefited from a positive consumer reception, as store and online sales between 1 August and 8 September rose 11% compared to the same period last year. 

This has resulted in first-half inventory being 1.7% lower as of 31 July 2024 versus the same date in 2023. Inventory is considered to be “of high quality”.

Óscar García Maceiras, CEO of Inditex, said: “The design and quality of our fashion proposition and the experience we offer our customers are, together with the efficiency and increasing sustainability of our operations, the keys to the solidity of these results. 

“Our fully integrated model continues to generate opportunities for profitable growth across all concepts, regions and channels.”