Inditex reports record net sales and revenue in H1
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Inditex Group, owners of retail chain Zara has reported record revenue and net sales for the first half of 2019.
Net sales topped €12.82bn (£11.4bn) for the first time, a year-on-year growth of 7%, for the period from 1 February-31 July 2019.
Net profit hit a new record of €1.55bn (£1.38bn), a 10% increase year-on-year. Net cash also increased by 13% to €6.73bn (£6bn), the highest recorded at the group.
Inditex, who also owns retail brands Pull & Bear, Massimo Dutti, Bershka, and Stradivarius, estimates a like-for-like sales growth between 4-6% for the full year.
Pablo Isla, executive chairman, Inditex, said: “The strong first half performance reflected in these figures, with like-for-like growth across all brands and geographies. The investments we have made in the stores as well as in logistics and technology have been key elements in the development of our customer focused integrated online and offline store platform.”
Early trading for the H2, between 1 August and 8 September, stores and online sales in local currencies has seen an increase of 8%.
