Skip to Content
Global News Select

Inditex Books Swing to 1st Half Profit as Sales Recover From Pandemic

By Joshua Kirby

 

Industria de Diseno Textil SA continued its momentum in the second quarter, with sales returning above pre-pandemic levels as the Spanish fashion company swung to a net profit for the first half of its fiscal year.

Inditex booked a net profit of 1.27 billion euros ($1.50 billion) in the six months to end-July swinging from a net loss of EUR195 million in the same period last fiscal year. Sales in the half rose almost 50% to EUR11.94 billion. In the second quarter, sales were 7% higher at constant currency than the same period of 2019.

First-half earnings before interest, taxes, depreciation and amortization came to EUR3.1 billion, more than doubling from EUR1.49 billion in the previous-year period.

Online sales continued to grow in the first half, experiencing a 36% rise as the group concentrated on its digital business, a strategy spurred by the pandemic. The group now expects online sales to reach more than 25% of the total for the full year.

Momentum has continued into the current quarter, with sales to Thursday around 9% ahead of the same period of 2019, Inditex said.

 

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

 

(END) Dow Jones Newswires

September 15, 2021 02:08 ET (06:08 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

  • Verify your identity, personalize the content you receive, or create and administer your account.
  • Provide specific products and services to you, such as portfolio management or data aggregation.
  • Develop and improve features of our offerings.
  • Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.