Inditex, which owns the likes of Zara, Stradivarius and Bershka, has reported a rise in quarterly sales and profits as its spring/summer ranges continue to be “very well received”.
For the three months to April 30, 2024, Inditex posted an 8% increase in EBITDA to reach €2.4bn (£2.04bn), while gross profit was up 7.3% to €4.9bn (£4.17bn) during the period.
The fashion giant also reported a 7.1% increase in sales to reach €8.2m (£6.98m).
Inditex said it remains focused on four key areas of its business, which are a “unique fashion proposition, enhancing the customer experience, sustainability and talent and commitment of people”.
The fashion giant said its operating performance was “robust” and it opened stores in 28 markets during the quarter.
It added that its Massimo Dutti brand has now launched online at JD.com in China with womenswear, menswear and accessories available.
Inditex continues to introduce its new security technology across its stores and said this provides “significant improvement” to the customer experience and purchasing processes.
The new security system is expected to be entirely operational in Zara stores this year, before being rolled out across the retailer’s wider brand portfolio.
Inditex said that it expects a -2% currency impact on sales for the full year and a “stable” gross margin of around 50 basis points higher for FY2024 compared to FY2023.
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