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Inditex net sales top €12.82 bn in H1 for the first time

14
Sep '19
Pic: Inditex
Pic: Inditex
Inditex Group net sales increased by 7 per cent in H1 2019 (February 1- July 31), topping €12.82 billion for the first time. In local currencies, sales growth was 7 per cent. Momentum in like-for-like sales growth remained strong at 5 per cent led by growth across all brands and regions, stores and online. Inditex is one of world's largest fashion retailers.

The solid business performance drove first-half net profit to €1.55 billion, reflecting year-on-year growth of 10 per cent as compared to €1.41 billion in H1 of 2018, said Inditex in a media statement.

With respect to the start of the second half, store and online sales in local currencies increased 8 per cent between August 1 and September 8. Management estimates like-for-like sales growth of 4-6 per cent in FY2019.

"Strong first half performance reflected in these figures and also underlined the relevance of the investments we have made in the stores as well as in logistics and technology, all of which have been key elements in the development of our customer focused integrated store and online platform,” said Inditex’s executive chairman, Pablo Isla.

During the first half of 2019, Zara introduced its online platform in Brazil, the United Arab Emirates, Lebanon, Egypt, Morocco, Indonesia, Serbia and Israel. After the close, in August, Zara inaugurated its online platform in Qatar, Kuwait, Jordan, Bahrain and Oman. It is also due to launch the platform in South Africa (Septembern 18), the Ukraine, Colombia and the Philippines during the third quarter.

In all, at the July close, the group had 7,420 stores in 96 markets; the integrated online platform was available in 62 of those. The online stores of Zara, Zara Home, Massimo Dutti, Pull&Bear, Stradivarius, Oysho and Uterqüe are also available in an additional 106 markets without physical stores, with Bershka scheduled to follow suit this September. (PC)

Fibre2Fashion News Desk – India


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