Inditex credits sales rise to 'unique business model'
Inditex, the owner of Zara and Pull&Bear, has reported a 19% increase in sales to £19.8 billion (€23.1 billion) for the nine months to 31 October 2022.
The group said its AW collections were "very well received" across all brands and sales were positive in all geographic areas.
For the nine months, Inditex also shared the following results:
- Gross profit up 19% to £11.6 billion (€13.5 billion).
- Gross margin of 58.7%.
- EBITDA up 20% to £5.5 billion (€6.5 billion).
- Net income up 24% to £2.6 billion (€3.1 billion).
In addition, Inditex reported 30 openings. At the end of the period, the group had 6,307 stores worldwide.
Looking ahead, the group hopes to "improve product proposition, enhance customer experience, maintain focus on sustainability and preserve the talent and commitment of its people".
In-store and online sales between 1 November and 8 December 2022 increased 12% in constant currency. This was credited to "store differentiation". Online sales continued progressing "satisfactorily" and were above 2021's record figures.
Óscar García Maceiras, CEO of Inditex, said: “In the current challenging context, these results clearly reflect the strength of our unique business model: fashionable collections, an appealing shopping experience and a team highly committed to achieving achieve profitable and more sustainable growth."
The news comes after Inditex strengthened its relationship with IndustriALL and its commitment to improve working conditions in the textile supply chain with the signing of a new protocol.