**Inditex beats H1 expectations as its midas touch continues, AW23 starts well**
Spanish fashion giant Inditex, owner of Zara, Bershka and Pull&Bear, has delivered another solid set of financial results, with its first-half sales and profits surpassing analyst expectations. The group’s net sales grew by 15% to reach €14.84 billion ($15.4 billion) in the six months to July 31, easily beating the €14.2 billion average estimate of analysts polled by FactSet, and marking 23% growth compared to pre-pandemic levels.
Inditex’s comparable sales also saw healthy growth, rising by 11.5% year-on-year in local currencies and 12% at constant exchange rates, driven by both strong performances in stores and online. Online sales, which surged during the pandemic and have remained elevated since, rose by 10% year-on-year in the first half of the year, accounting for 27% of the group’s total sales. The group said it saw particularly strong growth in its European and American markets, with sales in constant currencies up by 22% and 21%, respectively. The Asia-Pacific region also performed well, with sales growing by 15%.
Gross profit rose by 16% to €10.3 billion, benefiting from the group’s effective inventory management and its ability to pass on rising costs to consumers. Inditex’s EBITDA increased by 17% to €3.5 billion, while net profit surged by 24% to €2.4 billion.
The group ended the period with a gross cash position of €9.6 billion, representing a significant increase compared to the €7.2 billion reported at the end of January 2023. Inditex said it plans to return €1.5 billion to shareholders through a dividend payment in May 2023.
Inditex’s strong first-half performance suggests that the group is well-positioned to navigate the current economic headwinds, which include rising inflation and geopolitical uncertainty. The group has outperformed its peers in recent quarters, thanks to its successful omnichannel strategy, its fast-fashion model, and its ability to adapt quickly to changing consumer trends.
Inditex said that the autumn/winter 2023 season has started well, with positive sales trends across all brands and channels. The group expects to continue to gain market share in the coming months and is targeting sales growth of 4% to 6% for the full year.
Inditex’s shares rose by 3% in early trading on Tuesday, as investors welcomed the group’s strong first-half results and positive outlook.
**Analysis:**
Inditex’s latest results are a testament to the group’s强大的执行力和对市场的深刻理解。该集团的多品牌战略、对供应链的控制以及对可持续性的关注，都使其能够经受住当前充满挑战的零售环境。
尽管面临经济逆风，但 Inditex 仍然有望在未来几个季度继续实现增长。该集团对 omnichannel 零售的关注使其能够触及更广泛的消费者，而其快速时尚模式使其能够快速响应不断变化的趋势。
总体而言，Inditex 的 H1 业绩表明，该公司有望在未来几年继续保持其增长势头，并巩固其作为全球领先时尚零售商之一的地位。.
