Spanish clothing retailer Inditex, the owner of Zara and other brands, has recorded €23.1bn ($24.6bn) in sales for the first nine months of fiscal 2022 (FY22).
The figure represents a 19% increase from the corresponding period of fiscal 2021 (FY21).
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Inditex’s sales for the nine months to 31 October grew by 20% on a constant currency basis, driven by strong performance in all geographic areas.
The company’s traffic and store sales increased ‘markedly’ in the nine-month period, while its online sales were above the same period a year earlier.
Inditex reported a gross profit of €13.5bn for the period, up by 19% from a year earlier, while its gross margin was 58.7%.
The company’s operating expenses grew by 17% and its profit before tax rose by 25% to €4.0bn in the first nine months of the year.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIts earnings before interest, tax, depreciation and amortisation (EBITDA) were €6.5bn, up by 20% from a year earlier, and its EBIT grew by 27% to €4.2bn.
Inditex recorded net income of €3.1bn for the period, up 24% from the same period of FY21.
From 1 November to 8 December, the company’s store and online sales increased by 12% on a constant currency basis compared with a year earlier.
Inditex CEO Óscar García Maceiras 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.”
Inditex expects its online sales to represent more than 30% of its total sales by 2024.
In October this year, the company signed an initial agreement to sell its business in Russia to the UAE-based Daher Group.
The company’s Russian stores and online operations have been suspended since March following the country’s invasion of Ukraine.
