December 5, 2023
Financial Results

Zara Owner Inditex Reports 40.1% Surge In H1 Net Income

Inditex, owner of iconic garment brand Zara said its net income surged 40.1 percent year on year to €2.5 billion in the first six months of current year.

Inditex also recorded a 13.5 percent sales growth over the first half of previous year and stood at €16.9 billion in the period between January and June 2022.

Gross profit at the Spanish garment retailer increased 14.1 percent from a year ago period to €9.8 billion, while gross margin reached 58.2 percent, up 27 bps over the first half of 2022.

In the first half of 2023, EBITDA rose 15.7 percent to €4.7 billion, while EBIT grew 30.2 percent to €3.2 billion and PBT climbed sharply by 39 percent to €3.3 billion, all from a year ago period.

Inditex which also owns other garment brands like Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho Y and Zara Home said its net cash position grew 14.1 percent to €10.5 billion versus the same period last year.

“The first half results demonstrate that the talent of our teams which continues to consolidate the improvements in the performance of our business model,” Óscar García Maceiras, CEO said.

“The ongoing commitment to creativity, quality and customer experience, as well as the determined progress in sustainability, drives a strategy that is taking our business to the next level,” he added.

“The Spring-Summer collections have been very well received by our customers. Sales grew 13.5 percent showing very satisfactory development both in stores and online,” Maceiras stated.

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