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Inditex Reports 10% Rise in First-Half Profit to €2.8 Billion, Sales Up 7.2%
Sep 11, 2024, 05:50 AM
Inditex, the owner of Zara, reported a 10% rise in first-half profit, with net income increasing to €2.8 billion. Despite a slower sales growth of 7.2% compared to last year, the company met analysts' expectations amid tougher times for fashion retailers. Inditex's net sales for the first half of 2024 reached €18.07 billion, up from €16.85 billion a year ago. The company expects a stable gross margin for 2024 and has seen strong autumn sales offsetting the first-half slowdown. Sales are rising at the start of the third quarter, driven by popular fashion ranges. Expectations of bumper second quarter sales growth were dampened by a wet and cold June in Spain, its biggest market.
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