Inditex YTD net profits rise 24% YOY
Industria de Diseno Textil - Inditex
€51.80
18:15 21/11/24
Zara parent company Inditex has reported a rise in net profits for the nine months ended 31 October, with increased prices helping to offset weakened global demand for clothing.
DJ EURO STOXX 50
4,755.83
00:00 22/11/24
IBEX 35
11,632.90
18:44 21/11/24
Inditex said on Wednesday that Zara's store and online sales had risen 19% year-on-year to €23.1bn, slightly faster than expected by analysts, despite the group moving to hike prices by 5% or more since the start of spring in order to offset mounting costs.
The Spanish company said net income in the February to October period had grown 24% to €3.1bn in 2022, up from €2.5bn a year ago. Gross profits increased 19% to €13.5bn and gross margins came in at 58.7%.
Sales increased 11% during the third quarter, reflecting a weakening consumer environment, but stated that sales between the start of November and 8 December had increased 12% year-on-year.
As of 0910 GMT, Inditex shares were up 1.01% at €25.01 each.
Reporting by Iain Gilbert at Sharecast.com