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High Street

Inditex H1 sales surpass €12bn for first time

Spanish fashion retailer Inditex has reported record sales and profits during the first half of the year as revenue surpassed €12bn (£10bn) for the first time.

The retailer that owns the Zara, Pull&Bear and Stradivarius brands also posted record profits during the six months to 1 July as net income increased to £1.2bn, a 3% increase when compared with the previous year.

Inditex said the increase was “underpinned by growth across all of its geographical markets”. This was in spite of the strength of the euro, with sales growth in local currencies of 8%. Like-for-like sales growth over the period was reported to be 4%.

By the end of the period, the group said it had 7,422 stores in 96 markets with fully integrated online sales in 49 of those markets.

The group said it also continues to execute its strategy of enhancing its fully integrated store and online platform. Last week, during the opening of the major flagship on Milan’s Corso Vittorio Emanuele, it announced that all of its brands will be available online worldwide by 2020.

Chairman and CEO of Inditex, Pablo Isla, said: “The strong first-half results are the result of a solid sales and operating performance, arising from the unique strength of the group’s integrated and sustainable business model.”

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