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Zara and Stradivarius owner Inditex has revealed that its profit before tax rose 39% to €3.3bn (£2.84bn) for the six months ended 31 July 2023.
The company’s sales rose 13.5% to €16.9bn (£14.6bn) and as a result the company posted a gross profit of €9.8bn (£8.4bn) which was an increase of 14.1% compared with the same period last year.
Furthermore, Inditex posted an EBIT of €3.2bn (£2.8bn), an increase of 30.2%, and an EBITDA of €4.7bn (£4.05bn), an increase of 15.7%.
Individually, Zara’s sales rose 13.1% to €12.4bn (£10.7bn), Pull and Bear’s sales rose 11.4% to €1.04bn (0.9bn) and Stradivarius’ sales rose 17.7% to €1.08bn (0.93bn).
The company stated that its autumn/winter lines have been well received with store and online sales rising 14% between 1 August and 11 September compared with the same period in 2022.
Óscar Garcia Maceiras, CEO, said: “The H12023 results demonstrate that the talent of our teams continues to consolidate the improvements in the performance of our business model. 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.”
Inditex is a Spanish company which owns brands such as Massimo Dutti, Pull and Bear and Oysho amongst others.
