Spanish multinational clothing company Inditex has reported stronger than expected sales and earnings for the first half (H1) of fiscal 2022 (FY22).

Driven by positive performance in all key geographical areas, the company’s H1 sales reached €14.8bn ($14.79bn), up by 24.5% in constant currencies from a year earlier.

Inditex said that its traffic and store sales rose ‘markedly’ in H1 FY22, while its online sales also improved at a ‘satisfactory’ rate.

The company saw its gross profit for H1 increase by 24.5% to €8.6bn and its gross margin reach 57.9%, which is its highest level in seven years.

Its earnings before interest, tax, depreciation and amortisation (EBITDA) for the period was €4bn, up by 30% from the same period of FY21.

Inditex’s earnings before interests and tax (EBIT) grew by 44% to €2.4bn during the period, while its profit before tax (PBT) also increased by 42% to €2.3bn.

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The company also posted a net income growth of 41% to €1.8bn in H1 2022.

Inditex CEO Oscar García Maceiras said: “The results are explained by four factors, key to our performance.

“Our unique fashion proposition, an increasingly optimised shopping experience for our customers, our focus on sustainability, and the talent and commitment of our people.

“Our business model is progressing at full pace and has great growth potential going forward.”

For the full year, Inditex expects a +0.5% currency impact on sales and its online sales to exceed 30% of its total sales by 2024.

The company expanded its store network portfolio in 24 markets and ended H1 with 6,370 stores.

Based in Arteixo, Inditex operates 7,200 stores in 93 markets worldwide, with Zara being one of its portfolio brands.

In June this year, the company registered a 36% increase in revenue to €6.74bn for the first quarter (Q1) of FY22.