Net sales of Inditex reaches 2,665 mn euros in Q1

14 Jun '10

3 min read

Inditex net sales totalled 2,665 million Euros in the first quarter (1 February to 30 April) of its fiscal year 2010, 14% higher than the same period a year earlier.

• Store sales in local currencies increased by 13% between 1 February and 7 June

• At the end of the first quarter, the Group had more than 4,700 stores in 76 countries

Net income amounted to 301 million euros, an increase of 63% from the same period in 2009. The company's gross profit rose by 20%, to 1,598 million euros, leaving the gross margin at 59.9% of sales.

Inditex opened 98 stores in 29 countries in the first quarter of 2010, bringing its total to 4,705 in 76 countries as of 30 April 2010. Its workforce grew from 88,924 employees in the first quarter of 2009 to the current 93,779 employees.

Following the end of the first quarter of 2010, Inditex entered in India, bringing to 77 the number of countries in which the Group is present. The company opened its first Indian store in Delhi's CityWalk shopping centre on 28 May, and plans to launch three more locations, one in Mumbai and two more in Delhi in 2010.

Start of Second Quarter
Store sales in local currencies have increased by 13% from 1 February to 7 June, 2010.

Zara online store
Zara will begin online sales on 2 September, 2010 in France, Germany, Italy, Portugal, Spain, and the United Kingdom. The online service will be accessible from conventional Internet access networks, smartphones and tablet devices.

Other agreements
The Board of Directors of Inditex will propose to the Annual General Meeting the appointments of Nils S. Andersen and Emilio Saracho to the Board, substituting José Luis Vázquez Mariño and Antonio Abril Abadín.

Nils Smedegaard Andersen (b. 1958) is a partner and Group Chief Executive Officer of the Danish company A.P. Moller–Maersk, the world's largest container shipping company and the No. 3 port operator worldwide, and also involved in a wide range of activities in the energy, logistics and retail industries. The firm has more than 115,000 employees and operates in some 130 countries. Before joining Moller–Maersk, Mr. Andersen held the position of Chief Executive Officer of Carslberg.

Emilio Saracho Rodríguez de Torres (b. 1955) is currently the head of Investment Banking Coverage for Europe, the Middle East and Africa, and co-chair of Investment Bank at EMEA in JP Morgan. He is also a member of the Global Investment Bank Operating Committee and a member of JP Morgan Chase Executive Committee. He was formerly the chairman of JPMorgan in Spain and Portugal and Chief Executive Officer of JPMorgan's Private Bank in Europe, Middle East and Africa.

Antonio Abril Abadín asked the Board to accept his resignation as a Board member, to continue performing his duties as General Secretary and Secretary of the Board in accordance with the best international Corporate Governance practices.

Inditex is one of the world's largest fashion retailers, welcoming shoppers at its eight store formats -Zara, Pull and Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqüe - boasting 4.705 stores in 76 countries.

Inditex Group

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