Zara-owner Inditex posts profit growth of 32.5 percent

In the nine month period of 2023, Inditex net income increased 32.5 percent to 4.1 billion euros, while sales grew 11.1 percent to 25.6 billion euros.

With autumn/winter collections continuing to be well received by the customers, Inditex saw 14 percent increase in store and online sales in constant currency between November 1 and December 11, 2023. In FY2023, Inditex expects a gross margin of around 75 bps higher than the previous year.

The company said in a statement that sales were positive in all geographical areas and in all concepts. Sales in constant currency grew 14.9 percent.

'High growth potential'

Gross profit for the period increased 12.3 percent to 15.2 billion euros, while gross margin reached 59.4 percent, up 67 bps versus the same period of 2022.

EBITDA increased 13.9 percent to 7.4 billion euros and EBIT increased 24.3 percent to 5.2 billion euros and PBT by 29.8 percent to 5.2 billion euros.

The company added that FY2022's final dividend of 0.60 euros per share was paid on November 2, 2023.