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Inditex profits drop 8%

Inditex has revealed an 8% drop in half-year earnings despite rising sales.

The Spanish fashion giant, which operates brands including Zara, Bershka, Massimo Dutti and Pull and Bear, said net income fell to €375m (£334 million) in the six months to July 31.

Sales rose 7% year-on-year and 9% in local currencies to €4.86bn as the company opened 166 stores during the period, to bring its total to 4,430 outlets in 73 countries.

EBITDA fell 3% to €799m. Sales from August 1 to September 14 are also up 9%.

Meanwhile, the clothing group said that it would launch transactional sites for Zara this autumn in the UK, Spain, France, Germany, Italy and Portugal. It will be rolled out to all Zara markets.

Inditex chief executive and deputy chairman Pablo Isla said that the launch was “an important strategic step, in line with the Inditex Group’s constant daily search to offer the best service to clients worldwide”.

 

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