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Inditex reports 68% rise in first-half net profit

24
Sep '10
The Inditex Group's announced first half result of fiscal 2010 from 1 February to 31 July.

Net sales in the first half of fiscal 2010 –from 1 February to 31 July - totalled 5,525 million euros, a year-on-year growth of 14%. In local currencies, revenue from store sales rose by 11%. Like-for-like sales grew 5%.

• Net sales increased by 14%
• Store sales in local currencies increased by 10% between 1 August and 20 September
• First-half net income totalled 628 million euros, a year-on-year increase of 68%
• The Group opened 173 new stores during the period, bringing the total number to 4,780 stores across 77 countries
• Inditex had 93,976 employees at the end of 1H2010, a year-on-year increase of 6,900

The company generated net income of 628 million euros, an increase of 68% on the first six months of 2009. Gross profit rose 22% to 3,279 million euros, leaving the gross margin at 59.4%.

The Group opened 173 stores in 37 different countries in the first half, bringing its worldwide total to 4,780 stores in 77 countries at 31 July 2010.

It is worth highlighting the company's entry into the Indian market where it opened three Zara stores in Delhi and Mumbai during the second quarter. In line with Inditex's international growth strategy, the expansion of the Asian store base during the first half was very noteworth. This has driven growth in the contribution of total store sales by Asia to 15%. The contribution by the other areas was: Europe, 45%; Spain, 28%; and the Americas, 12%.

At 31 July, 93,976 people worked at the Inditex Group, which translates into the creation of 6,900 new jobs during the last 12 months.

On 2 September Zara began to sell its products online in six European countries: France, Germany, Italy, Portugal, Spain and UK, with a satisfactory customers' reception. Zara plans to launch online selling in Austria, Ireland, the Netherlands, Belgium and Luxembourg during the second half of 2010, extending the platform to US, Canada, South Korea and Japan during FY11.

Start of Second Half 2010
Store sales in local currencies increased by 10% between 1 August and 20 September 2010.

The Inditex Group


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