Zara-owner Inditex posts higher net profit, sees single-digit sales growth ahead
By Wed, Sep 11, 2019
Spain’s Inditex said Wednesday that net profit in the first half grew, and that the company expects like-for-like sales to rise by a mid-single digit in its full-year 2019.
The company ITX, -2.87% , which owns the Zara chain of stores, said net profit for the period was 1.55 billion euros ($1.71 billion), compared with €1.41 billion a year earlier.
Sales rose 7% to €12.82 billion, helped by growth in all brands and regions, the company said. On a like-for-like (LFL) basis, sales grew 5%.
Gross margin for the first half was 56.8%, compared with 56.7% the year previous.
The company said store and online sales rose 8% between Aug. 1 and Sept. 8 in local currencies. and estimates that LFL sales will grow by 4% to 6% in its full-year 2019.
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