Inditex, which owns the likes of Zara, Stradivarius and Bershka, has reported a surge in profits and sales during the first half of the year as all brands posted growth and product collections continued to prove a hit with consumers.
During the first half of the financial year, from February 1 to July 31, 2024, EBITDA at Inditex jumped 8.1% to €5bn (£4.22bn) while gross profit was also up 7.5% at €10.5bn (£8.9bn).
Total sales during the first half were up 7.2% to reach €18.1bn (£15.3bn) with “very satisfactory development” both in stores and online.
Zara and Zara Home posted the highest net sales of the Inditex brands, reaching €13m (£10.97m) during the period, but sales across all other Inditex brands were also up year on year.
Inditex said in a statement that its spring/summer collections were “very well received” by shoppers and that the fashion giant opened new stores across 34 markets during the period.
The fashion retailer said it is also continuing to introduce its new security technology across its store estate and that the new system will be embedded across its Zara stores by the end of this year.
With an eye to the second half of the year so far, the retailer’s autumn/winter collections are also being “well received” and store and online sales combined between August 1 and September 8 have jumped 11% year on year.
In terms of outlook, Inditex said it sees “strong growth opportunities” and hopes to continue improving its fashion offering and boosting the customer experience.
Inditex chief executive Óscar García Maceiras said: “The design and quality of our fashion proposition and the experience we offer our customers are, together with the efficiency and increasing sustainability of our operations, the keys to the solidity of these results. Our fully integrated model continues to generate opportunities for profitable growth across all concepts, regions and channels.”
No comments yet