ZARA owner Inditex posts resilient results and 'strong' start to winter

Inditex, the owner of ZARA, Massimo Dutti, Bershka and more, has reported another period of robust trading as the world’s largest fashion retailer continued to outperform much of the global apparel sector. In the nine months to 31 October 2025, sales rose by 2.7% to €28.2 billion (£24.7 billion), with growth of 6.2% in constant currency, reflecting steady momentum both in stores and online.

Gross profit was up by 3.2% to €16.8 billion (£14.7 billion), lifting the gross margin to 59.7%, up 27 basis points year on year. Operating expenses increased at a slower pace than sales, rising 2.4%. EBITDA climbed 4.2% to €8.3 billion (£7.2 billion).

Profit before tax increased 3.6% to €6 billion (£5.26 billion), and net income advanced 3.9% to €4.6 billion (£4 billion).

During the period, Inditex opened new locations in 39 markets, bringing its total store count to 5,527.

Momentum accelerated in the third quarter, where sales rose 4.9% to €9.8 billion (£8.6 billion), or 8.4% in constant currency. Gross profit increased 6.2% to €6.1 billion (£5.3 billion) with the gross margin improving to 62.2%, up 79 basis points. Net income for the quarter was €1.8 billion (£1.58 billion), up by 9%.

So far, fourth-quarter trading has been strong. Between 1 November and 1 December, sales in constant currency increased 10.6% compared to the year prior.

Inditex continues to invest in its integrated retail ecosystem, including logistics expansion and new store concepts. Its significant two-year logistics programme, allocating €900 million (£789 million) annually in 2024 and 2025, remains on track and is designed to strengthen global distribution capacity.

ZARA has continued to open and refurbish flagship locations while Bershka, Stradivarius, ZARA Home and Oysho have expanded into key international cities. Inditex is also rolling out its new "soft-tag" RFID technology to improve customer experience, which is now live in ZARA and expanding into Bershka and Pull&Bear.

The group paid its FY2024 final dividend of €0.84 (£0.74) per share on 3 November and will publish its full-year FY25 results on 11 March 2026.