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Record sales at Inditex

Inditex’s sales were up 7% year on year in the first half, topping €12.8bn (£11.4bn) for the first time.

Like-for-like sales were up 5% in the six months to 31 July, compared with the first half last year.

Net profit hit a new record of €1.6bn (£1.4bn) for the period – up 10% on the same period in 2018.

Net cash increased by 13% to €6.7bn (£6bn) – the highest level ever.

Stores and online sales in local currencies increased 8% between 1 August and 8 September. Inditex, which owns Zara, Pull & Bear, Massimo Dutti, Bershka, Stradivarius, Oysho and Uterqüe, estimates like-for-like sales growth of 4%-6% for the full year.

Executive chairman Pablo Isla highlighted the “strong first-half performance” and also underlined the “relevance of the investments” made in the stores, logistics and technology, all of which have been “key elements in the development of [Inditex’s] customer focused integrated store and online platform”.

During the first half of 2019, Zara launched its website in Brazil, the United Arab Emirates, Lebanon, Egypt, Morocco, Indonesia, Serbia and Israel.

In August, Zara launched online in Qatar, Kuwait, Jordan, Bahrain and Oman.

It is also due to launch the platform in South Africa next week, and in Ukraine, Colombia and the Philippines during the third quarter.

At the end of the first half the group had 7,420 stores in 96 markets and was online in 62 of those.

 

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