Inditex reports higher earnings and sales for the first quarter
By Cecilia Butini Industria de Diseno Textil on Wednesday reported higher earnings and sales for the first quarter of its fiscal year.
The company, known as Inditex, which owns brands such as Zara, Pull & Bear and Massimo Dutti, posted net profit of 1.17 billion euros , from EUR766 million in the year-prior period. Earnings before interest, taxes, depreciation and amortization rose to EUR2.20 billion in the quarter from EUR1.92 billion, and Ebitda margin grew to 28.8% from 28.4%, the company said.
Operating income also grew, reaching EUR1.48 billion in the period, from EUR1.03 billion in the same period the year prior, with margin growing to 19.5% from 15.3%, Inditex said. Looking ahead, the company said it expects a stable gross margin, plus or minus 50 basis points. It also expects ordinary capital expenditure of about EUR1.6 billion as it seeks to obtain efficiencies and increase its competitive differentiation to the next level, Inditex said.
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