Proactive Investors - Inditex (BME:ITX), the Spanish multinational clothing company that owns Zara, grew sales by 11.1% to €25.6 billion year on year in the first nine months to 31 October 2023.
During the period, it opened new stores across 36 markets and said it operated 5,722 stores by the end of October, adding that its Autum/Winter collections were “very well received by our customers”.
Sales were strong across all geographical areas and all concepts, with sales in constant currency growing by 14.9%, Inditex said.
Gross profit increased by 12.3% to €15.2 billion, while its gross margin reached 59.4%, an increase of 67 basis points (bps).
Operating expenses increased by 10.6%, at a slower rate than sales growth, contributing to an increase in its underlying income.
Net income rose by a third, 32.5%, to €4.1 billion.
Profit before tax (PBT) rose by 29.8% to €5.2 billion, while EBIT increased by 24.3% to €5.2 billion.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 13.9% to €7.4 billion.
Inditex’s net cash position grew by 15% to €11.5 billion versus the same period last year.
The company said it paid a final dividend of €0.60 per share on 2 November 2023.