Inditex earns 3,095 million until October, 24% more

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Turnover grows slower than at the beginning of the year: 11%, to 8,210 million

Inditex posted a net profit of EUR 3,095 million during the first nine months of fiscal year 2022-2023 (between February 1 and October 31), up 24% from a year earlier, the company said Wednesday. .

Group sales amounted to 23,055 million euros, 19% more than in the same period of 2021 (+20% at constant exchange rates) and positive in all geographies.

In this way, Inditex reaches its historical maximum in sales and profit in a third quarter, after a quarterly profit of 1,305 million and a turnover of 8,211 million.

The gross margin amounted to 13,532 million euros, 19% higher than a year earlier, and represents 58.7% of sales.

The gross operating result (Ebitda) also grew by 20% to EUR 6,520 million and the net operating result (Ebit) by 27% to EUR 4,177 million.

In the third quarter of the fiscal year, a charge of 14 million euros was recorded in ‘Other income’, in addition to the exceptional charge of 216 million euros recorded in the first quarter accounts.

Inditex estimates that this provision “substantially” covers the impact of the cessation of the Group’s activities in the Russian Federation.

“In a very demanding environment, these results clearly demonstrate the strength of our unique model: collections with a high fashion component, an attractive shopping experience and a highly dedicated human team to deliver profitable and more sustainable growth,” emphasized Inditex CEO Óscar Garcia Maceiras.

Store and online sales at constant exchange rates grew by 12% between November 1 and December 8 this year compared to the same period in 2021.

Source: La Verdad

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