Inditex, the owner of Zara, has posted sales growth and stronger margins in the third quarter (Q3) of 2025, alongside an uptick in early Q4 trading.
The Spanish fashion group registered sales of €9.8bn ($11.4bn) in Q3 2025, up 4.9%, or 8.4% in constant currency.
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Gross profit grew 6.2% to €6.1bn in the quarter, with margin improving to 62.2%.
Earnings before taxation, interest, depreciation and amortisation (EBITDA) increased 8.9% to €3.2bn, while EBIT climbed 11.2% to €2.4bn. Net income rose 9% year-on-year to €1.8bn.
Inditex confirmed that autumn/winter collections are continuing to perform well, with store and online sales between 1 November and 1 December 2025 up 10.6% on a constant currency basis.
For the nine months to 31 October 2025, the company’s sales grew 2.7%, or 6.2% by constant currency, to €28.2bn, as it expanded to 5,527 stores after openings in 39 markets.
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By GlobalDataNet income was up 3.9% to €4.6bn.
The group said yhat collections were “well-received” in stores and online.
Gross profit was €16.8bn for the nine-month period, an increase of 3.2%, with a margin of 59.7%. Operating expenses rose 2.4%, remaining below sales growth.
EBITDA for nine months increased to €8.3bn and EBIT €5.9bn. Profit before tax totalled €6bn, and net cash stood at €11.3bn at the end of the period.
The group expects its gross space to grow around 5% in 2025/26 and a negative currency impact of around 4% on 2025 sales, with gross margin stable within a plud or minus 50-basis-point range.
Capital expenditure for 2025 is projected at around €1.8bn.
The company’s €900m-per-year logistics expansion for 2024 and 2025 remains on track, with the Zaragoza II distribution centre currently operational.
It also opened a new 200,000 m² Zara building in Arteixo and rolled out new and refurbished stores across key markets: the US, Italy, Japan, the Netherlands and Spain.
Bershka entered Denmark, while Stradivarius, Zara Home and Oysho added new sites.
A new Zara Home for&from store opened in Porto, expanding this format to 17 locations.
Inditex paid its fiscal year 2024 final dividend of €0.84 per share on 3 November 2025.
