Zara Owner Inditex Posts Record Profit [Barron's]
ASSOCIATED BRI/F UNSP/ADR (ASBFY)
NASDAQ:AMEX Investor Relations:
abf.co.uk/investorrelations
Company Research
Source: Barrons
The fashion giant, which has seen a strong performance on Spain's stock market over the past year, posted net profits of 5.4 billion euros ($5.9 billion), up 30 percent from 4.1 billion euros in 2022 which was also a record. The figure, which follows a solid fourth quarter, was in line with the expectations of analysts polled by financial data firm FactSet, who predicted profits of 5.36 billion euros. Inditex has been able "to take advantage of the opportunities to keep growing profitably," said Oscar Garcia Maceiras, chief executive of the company which is based in the northwestern Galicia region. The group, which since early 2022 has been headed by Marta Ortega, daughter of multi-billionaire founder Amancio Ortega, pointed to dynamic sales which hit a record 35.9 billion euros in 2023, a 10.4 percent increase from the previous year. Inditex, whose eight brands include Pull&Bear and upmarket label Massimo Dutti, notably benefited from consumers' taste for shopping online whi
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