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Fashion company Inditex H1 income up 29%

Sep '05
Fashion distributor Inditex announced net income for the first half of the 2005.

- Net sales totalled €2,819.7 million, up 20 percent from the results of the same period in FY2004

- Net income amounted to €246 million, 39.7 euro cents per share

- Gross margin is 56.2 percent, compared to 54.2 percent in the first half of FY2004

- The group opened 160 new stores during the first half, and foresees between 400 and 450 net openings for the full year 2005

- Inditex has created 8,351 new jobs over the last twelve months, and total staff exceeds 50,000

Net income of the Inditex Group for the first half of FY2005 has reached €2,819.7 million, 20 percent higher than in the same period of FY2004. The surge is due both to a higher number of stores and to the 4.5 percent increase in like-for-like sales during this half. Currency translation effect was 0.1 percent.

Net income rose to €246.2 million, 29 percent higher than in the first half of the previous fiscal year. EBIT came to €344.5 million and EBITDA to €517.3 million, having grown by 20 percent and 21 percent, respectively. Gross margin reached 56.2 percent of sales, instead of 54.2 percent in the same period of FY2004. The Group estimates gross margin to be between 55.9 percent and 56.4 percent for full year 2005, which represents a 50 b.p. to 100 b.p. improvement as compared with FY2004.

International stores sales rose to 55.7 percent of the total; storesin Europe (excluding Spain) represent 37.9 percent of the sales, versus 36.2 percent this same period of FY2004, this being the geographical area which grew the most.

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