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Inditex Reports Strong First Quarter Performance

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Inditex has reported a robust operating performance for the first quarter of 2024, attributing its success to the creativity of its teams and the effective execution of its fully integrated business model. The company noted that its Spring/Summer collections were well-received by customers.

The fashion giant achieved sales of 8.2 billion euros in Q1 2024, marking a 7.1% increase (or 10.6% on a constant currency basis) compared to the same period last year.

Gross profit for the first three months of the fiscal year rose by 7.3% to 4.9 billion euros, with the gross margin increasing by 13 basis points to 60.6% year-on-year.

Inditex demonstrated strong profitability in the first quarter, with EBITDA rising by 8% to 2.4 billion euros, EBIT climbing 10.3% to 1.6 billion euros, and PBT growing by 11.1% to 1.7 billion euros compared to the same period last year. Net income also saw a year-on-year increase of 10.8%, reaching 1.3 billion euros.

By the end of the period, Inditex operated 5,698 stores worldwide, having opened its first locations in Uzbekistan and re-opened 48 stores in Ukraine.