Trending: Inditex Reports Increase in 1st Half Profit and Sales
1140 GMT - Industria de Diseno Textil SA (Inditex) is among the most mentioned companies across news items over the past 12 hours, according to Factiva data, after the Spanish fashion company posted an increase in first-half sales and net profit. The company said revenue over the six-month reporting period ended in July grew 25% to 14.85 billion euros ($14.80 billion). Profit grew to EUR1.79 billion compared with the EUR1.27 billion in the prior-year period, the company said. The result indicates to Bryan Garnier analyst Cedric Rossi that the company is one of the most resilient in the European investment bank's coverage. He said in a research note that Inditex's 11% constant currency sales growth reported between Aug. 1 and Sept. 11, is a stronger performance than online peers who warned of weakened sales due to inflationary pressure. "In our view, this resilience was explained by Inditex's unique business model, the responsiveness and adaptability of its offer to changes in fashion and consumer behaviour, [its] best-in-class retail execution that led to high store productivity levels, and efficient inventory management that lowers the threat of excess inventory and markdowns," the analyst said. Dow Jones & Co. owns Factiva. (firstname.lastname@example.org)
(END) Dow Jones Newswires
September 14, 2022 07:57 ET (11:57 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.