Spanish retailer Inditex's sales soar 7.1% in Q1 FY24

05 Jun '24

1 min read

Spanish retailer Inditex's sales soar 7.1% in Q1 FY24

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Insights

Fashion retailer Inditex reported a 7.1 per cent YoY sales increase in Q1 FY24, reaching €8.2 billion (~$8.9 billion).
Gross profit rose 7.3 per cent to €4.9 billion, with a 60.6 per cent gross margin.
The company's operating expenses grew by 6.4 per cent, while EBITDA increased 8 per cent to €2.4 billion.
Net income rose 10.8 per cent to €1.3 billion.

Inditex, the Spanish multinational clothing company known for its popular brand Zara, has reported a 7.1 per cent year-on-year (YoY) increase in sales in the first quarter of fiscal 2024 (Q1 FY24), reaching €8.2 billion (approximately $8.9 billion). When adjusted for constant currency, sales grew by 10.6 per cent.

The company's gross profit rose by 7.3 per cent to €4.9 billion, with the gross margin improving to 60.6 per cent, up 13 basis points compared to Q1 FY23, Inditex said in a press release.

Operating expenses increased by 6.4 per cent, which is below the sales growth rate. This company reported an 8 per cent rise in EBITDA, reaching €2.4 billion.

The company's EBIT saw a substantial increase of 10.3 per cent, amounting to €1.6 billion. Similarly, profit before tax (PBT) rose by 11.1 per cent to €1.7 billion. Net income also showed a strong increase of 10.8 per cent, totalling €1.3 billion for the quarter. Store and online sales in constant currency between May 1 and June 3, 2024, increased by 12 per cent compared to the same period in 2023.

Fibre2Fashion News Desk (DP)

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