Record six months for Inditex, the Spanish group that has brands such as Zara, Pull & Bear, Massimo Dutti, Bershka, Stradivarius and Oysho in its portfolio. In the period the turnover reached 14.8 billion euros with an increase of 24.5% compared to the previous year, while in terms of profitability, the group founded by Amancio Ortega and today chaired by his daughter Marta Ortega achieved an increase of 30% in the gross operating margin to 4 billion euros (Ebitda) and 41% a 1.8 billion euros of net profit. Management announced the distribution on November 2 of a final dividend on 2021 of € 0.465 per share.
“The results are explained by four factors: Our unique fashion proposal, an increasingly optimized shopping experience, our focus on sustainability, the talent and commitment of our people. Our business model is proceeding at full speed and has great growth potential for the future »comments CEO Oscar García Macieras. The second half of the year, the group specifies, started just as well: “In-store and online sales at constant currency between 1 August and 11 September 2022 increased by 11% compared to the record period of 2021”.
In view of these results for the entire year, Inditex “continues to see strong growth opportunities”. At current exchange rates, the Spanish group expects “a currency impact of + 0.5% on sales in fiscal 2022”. Furthermore, looking at the composition of the turnover, the estimates indicate a growth in online sales, which should exceed 30% of total sales by 2024. Finally, in 2022 Inditex expects a stable gross margin (+/- 50 bps) with investments of approximately 1.1 billion euros.
“Inditex recorded a very strong absolute and relative performance” comments Deutsche Bank analyst Adam Cochrane, adding: “But it is likely that lower consumer confidence will see clothing sales decline in the second half of the year and in 2023. , even if the increase in the prices of clothes will support the revenues ». The group expects ‘mid single digit’ price growth, ie in the middle of the single-digit range, in the autumn-winter season.
On Tuesday the news, however, that the founder of Zara Amancio Ortega has invested over 700 million dollars in recent weeks in a series of logistical acquisitions in what promises to be one of the biggest bets ever made by the Spanish textile magnate. Ortega’s family investment firm Pontegadea bought five logistics centers in the US states of Tennessee, South Carolina, Virginia, Pennsylvania and Texas from Realty Income Corp. for about $ 722 million, according to Spanish newspaper El Pais. .