Inditex sales up 10% in first nine months
Inditex's net sales totalled 9,709 million euros in the first nine months of fiscal 2011 – from 1 February to 31 October -, an increase of 10% from the same period a year earlier. Net income stood at 1,302 million euros, an increase of 10%. Gross profit rose by 9% to 5,784 million euros, leaving the gross margin at 59.6%. Inditex created 9,678 new jobs in the past 12 months. The Group's workforce totaled 106,251 people at 31 October 2011.
Inditex continued the pace of its openings in the first nine months, unveiling 358 new stores in 45 markets. Consequently, as of 31 October 2011, the Group had 5,402 stores and a retail footprint spanning 78 markets, after inaugurating its first stores in Australia earlier in the year.
The company's global multi-brand strategy paid off by delivering significant penetration of recently-opened markets by Inditex's younger formats. Bershka launched in six new countries and Oysho in four, while Pull&Bear, Stradivarius and Zara Home each entered in three new markets.
Following the end of the third quarter, Inditex introduced the Group's first stores in Taiwan, South Africa and Azerbaijan, building on its global presence and extending its reach across five continents. Georgia and Peru are among markets set to welcome their first Inditex stores in coming months.
The pace of store launches was particularly intense in China, with 79 openings in the first nine months. The Group now has 250 stores in China, in 42 cities. All Inditex concepts present in the Chinese fashion market opened stores during the period, with two new formats commencing operations: Oysho (nine stores) and Zara Home (four stores).
Other noteworthy growth markets, in addition to China, included Japan, where, in addition to eight new Zara locations, Bershka debuted its first four Japanese stores. These included a flagship store in the heart of Tokyo's bustling Shibuya district. Similarly, Inditex enjoyed a remarkable expansion in South Korea in the first nine months, with eight new locations, including the country's first Pull&Bear, Bershka and Stradivarius stores.
Store openings among Inditex concepts
Other regions of the world also saw noteworthy openings. Highlights included Germany's first Bershka, located at a coveted spot on Tauentzienstraße, one of Berlin's busiest shopping areas. German shoppers also flocked to new Zara Home shops in Frankfurt, Düsseldorf and Hamburg and a new Massimo Dutti in Münster.
As for Pull&Bear, highlights included its first stores in the Netherlands, in The Hague and Tilburg, followed by a third Rotterdam store. The latter is the chain's largest store in the world and is a benchmark for environmental sustainability, inspired by the Group's commitment to opening eco-efficient stores.
Meanwhile, Uterqüe chose its first outlet in Palma de Mallorca, at the heart of Paseo de Born, as the venue for revealing its revamped store image, while Stradivarius embarked upon a remarkable expansion in Poland, inaugurating 15 stores in the first nine months. In the same period, Oysho began expanding in Ukraine with its first locations in Kiev, Odessa and Donetsk.