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Inditex earns 10.8% more, to propose a dividend of EUR 1.54 per share

Published 05/06/2024, 12:04
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Inditex (BME:ITX) (OTC:IDEXY) presented its first fiscal quarter results this Wednesday before the market opened. The group achieved a net profit of EUR 1.294 billion, 10.8% more than in the same period of 2023.

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According to the statement, in Q1 2024 Inditex continued its strong operational performance, based on the creativity of its teams and the successful execution of its integrated store and online business model.

Sales grew by 7.1% to EUR 8.150B, showing very satisfactory progress. At constant exchange rates, sales growth was 10.6%.

The gross margin increased by 7.3% to EUR 4.940B, reaching 60.6% (+13 basis points compared to Q1 2023).

All expense lines have evolved very favorably. Operating expenses grew by 6.4%, below sales growth.

Operating profit (EBITDA) increased by 8% to EUR 2.370B.

EBIT grew by 10.3%, reaching EUR 1.636B, and profit before tax grew by 11.1%, reaching EUR 1.672B.

Net profit increased by 10.8% to EUR 1.294B.

Due to the strong operational performance, cash generation has grown significantly.

The Board of Directors of Inditex will propose to the General Shareholders' Meeting the approval of a dividend of 1.54 euros per share charged to the 2023 results. The dividend consists of two equal payments of 0.77 euros per share: the first was paid on May 2, 2024, and the second will be paid on November 4, 2024.

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