Home / Knowledge / News / Fashion / Inditex net sales dive 21% during Q1, 2005

Inditex net sales dive 21% during Q1, 2005

14
Jun '05
Spain based leading fashion company Inditex announced its first quarter results.

* Net sales totalled €1,406 million, a 19% increase over the same period of FY2004 and gross margin increased by 23%

* The Board of Directors agreed to appoint Mr. Pablo Isla as Chief Executive Officer and to exercise the option to acquire the 9.95% of Stradivarius, reaching 100%

* Inditex has opened 90 new stores in the first quarter and foresees between 335 and 395 openings throughout FY2005

Inditex net sales rose to €1,406 million in the first quarter of FY2005. This figure is 19% higher than in the same period last year, as a result of the increase in the selling area of the Group and comparable store sales. Growth in sales in constant currency would have reached 20%.

Net income in the first quarter (from 1 February to 30 April) reached €125 million, up 21% compared with 1Q04. EBIT and EBITDA increased by 16% and 18% respectively. Gross margin on sales reached 55.7% in the first quarter, a 180 basis points improvement.

Operating expenses have grown accordingly to the Group budget, as a result of higher number of international openings. In 1Q05 Inditex has opened 90 new stores and foresees between 335 and 395 openings throughout FY2005, with and expected CAPEX of between €700 and €800 million.

Resolutions of the Board of Directors
The Board of Directors of Inditex has resolved the appointment of Mr. Pablo Isla Álvarez de Tejeraas member of the Board and Chief Executive Officer, in accordance with the favourable report of the Nomination and Remuneration Committee. Furthermore, the Board of Directors has resolved to exercise the option to acquire the 9.95% of Stradivarius, reaching 100%.


Must ReadView All

Pic: EIN Presswire

Apparel/Garments | On 19th Apr 2021

EC funds campaign on disastrous impact of fast fashion

With clothes consumption increasing by 60 per cent in only 15 years,...

Pic: Target Corporation

Retail | On 19th Apr 2021

Target Corp to spend over $2 bn with Black-owned businesses by 2025

As part of its commitment to social justice and racial equity, Target ...

Pic: PR Newswire

Textiles | On 19th Apr 2021

Japanese firm Epson launches textile printer for customised clothing

Epson has launched the industrial-level SureColor F10070H...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Verticals like fast fashion won’t completely adopt personalisation on...

Textile Industry, Head honchos

Textile Industry
Head honchos

Opportunity now to reimagine processes & systems in a digital environment

Textile Industry, Head honchos

Textile Industry
Head honchos

Consumer sentiment will be conservative after lockdown

Ujjval Saraf,

Ujjval Saraf

Founded by Jimmy Lai, Giordano International Ltd, a Hong Kong based...

Nina Smith,

Nina Smith

GoodWeave International, a nonprofit working to end child, forced and...

Siddhant Sinha,

Siddhant Sinha

Set up by Pradeep Sinha, a graduate engineer from Manipal Institute of...

Daniel Odermatt, Ventile

Daniel Odermatt
Ventile

Ventile is a registered trademark used to brand a special high-quality...

Kevin Young & Tom Lucas, Web Industries

Kevin Young & Tom Lucas
Web Industries

Web Industries is a precision formatter of nonwoven materials used in baby ...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

Sneha Arora, Label Sneha Arora

Sneha Arora
Label Sneha Arora

Sneha Arora, an alumnus of National Institute of Fashion Technology,...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search