Inditex smashes sales record and boosts profit 54% for best first quarter in its history

Updated

The textile company earned 1,168 million euros at the beginning of this year

Scar Garca Maceiras, CEO of InditexEFE

After ending fiscal 2022 with record profits and revenues, Inditex started the year at full capacity. This is evident from the first quarter figures the textile giant reported to the market this Wednesday. Net profit rebounded by 54%until reaching 1,168 million euros.

Although the company should take into account that it is leading in the first quarter of last year Martha Ortega Estimated expenditures in the Russian Federation and Ukraine for fiscal year 2022 amount to 216 million euros.

However, the record profit in the first quarter of its 2023-2024 financial year (running from February 1 to April 30) was due to „strong” operational performance, according to the group. And it comes a Sales growth 13% Compared to the first quarter of 2022, up to 7,611 million euros.

The increase in sales was fueled by the evolution of both the store and the „very satisfied” realityAccording to the company, there is compliance Business Development Last March, it rose 13.5% till March 13. Finally, it stood at 13% till April 30.

According to the results submitted to the CNMV, the gross margin It increased by 14%, up to 4,603 million euros and 60.5% (+34 basis points compared to the first quarter of 2022). While, the Operating profit (Ebitda) increased by 14%, up to 2,195 million, and Net result of exploitation (EBIT) Up 43% to 1,483 million.

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For his part, The result before taxes rose by no less than 52%, up to 1,505 million euros. And the net financial position increased by 14% to 10,508 million euros at the end of the first quarter of its last financial year.

1,600 million investment

Inditex highlighted that it continues to watch „Great Growth Opportunities”. „We are developing various initiatives in the coming years in all key sectors to take our business model to the next level and further expand our differentiation,” he pointed out in a statement to the CNMV.

In this sense, the company informed the market that investments are planned this year to increase operating capacity, gain efficiency and increase differentiation to the next level. Specifically, a textile company proposes a modest investment of approx 1,600 million euros in 2023.

In terms of innovation, the company sets a date for one of the major disruptions expected this year: Eliminating difficult alarms. The new safety technology will be available in all Zara stores worldwide in July, with the aim of starting trial operations in the Autumn/Winter 2023 campaign.

And based on the circular, the report states that the market is platform Previously owned by ZaraCurrently available in the United Kingdom, it will arrive in France, Germany and Spain in the second half of 2023. „Through this platform, we will continue to help our customers donate, repair or extend the useful life of Zara clothing. Selling between individuals”, he notes.

Council cut

On the other hand, the company has changed it Emilio Saracho (former president of Banco Popular) He will have to step down as a director of Inditex at the next shareholders’ meeting on July 11, when his mandate expires. After he left, The Board has decided to reduce the number of members of the Board of Directors to ten.

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Along with these results, the Board of Directors has also approved the dividend plan to be charged for the 2022 accounts. 1.2 euros per shareIt will be presented for approval at the shareholders’ meeting in July.

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