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Inditex Group FY16 net sales climb 15.4%
10
Mar '16
Courtesy: Inditex
Courtesy: Inditex
Net sales at Inditex Group, which has fashion brands like Zara in its portfolio, climbed 15.4 per cent year over year in the fiscal ended January 31, 2016.

In a press release, Inditex said its net sales increased 15.4 per cent in fiscal 2016 from a fiscal ago period to €20.90 billion, underpinned by growth in all of the group's geographic regions.

Net profit in the reporting period grew to €2.88 billion, up 15 per cent year on year and EBITDA also registered growth of 15 per cent to €4.70 billion.

“Like-for-like sales growth was 8.5 per cent in fiscal 2016 as against 5 per cent growth in the prior fiscal, with positive growth in all geographies and across all the formats,” the Spanish apparel marketer stated.

Group chairman, Pablo Isla said, “These figures demonstrate the group's potential, boosted by the quality and the commitment of all of its employees.”

In the fiscal under review, Inditex generated 15,800 new jobs, boosting its worldwide headcount from 137,054 a year earlier to 152,854.

“The pace of job creation in Spain, where 4,120 new jobs were created across stores, head offices and logistic platforms, was a particular highlight,” Inditex added in the press release.

The Group invested €1.52 billion in the fiscal, earmarking this capital expenditure to the group's growth and international expansion.

Inditex further added that in April, 78,000 group employees will receive payment for the first phase of the extraordinary profit-sharing plan.

In the fiscal, Inditex opened a net 330 stores in 56 markets, lifting its global network to 7,013 stores in 88 markets.

In the same fiscal, Inditex rolled out its online sales platform in Hong Kong, Taiwan, Macao and Australia and ended the fiscal with an online sales presence in 29 markets.

The board of directors will ask the company's shareholders to approve a €0.60 per share dividend, up 15.4 per cent over last fiscal, at the next annual general meeting. (AR)

Fibre2Fashion News Desk – India


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