Continued Growth for Zara and Inditex
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Zara Parent Inditex Continues Climb
Zara parent Inditex continued it's metoric post-pandemic growth.
The parent company of brands Massimo Dutti, Pull&Bear and Bershka reported a 24.5 percent jump in sales in the first half of 2022, while profits were up 41 percent. Gross margin was up 57.9 percent, marking the strongest first half in seven years.
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CEO Oscar Garcia Macerias credited four factors to the continued growth of the company. "Our unique fashion proposition, an increasingly optimised shopping experience for our customers, our focus on sustainability and the talent and commitment of our people. Our business model is progressing at full pace and has great growth potential going forward," he said.
The company overcame inflationary headwinds with a boom in sales, which were up 24.5 percent year-over-year to 14.8 billion. Measured in constant currencies, sales grew 25 percent and were up in all geographical areas despite price increases in the mid-single digits.
Zara continues to be the stongest brand in Indiex's mix. The fashion-fashion giant's sales were up 29 percent as it continues to up its fashion game with a stronger mix of designer-inspired items, including its "Night" collection, with a much-publicized campaign starring Kate Moss.
Other stores in its portfolio performed well, including the teen-skewing Pull&Bear and Bershka, which were up 19 and 15 percent resepctively, and its higher-end Massimo Dutti banner, which was up 10 percent. Only Oysho, its lingerie and pajama concept stores were down 4 percent as customers moved on from comfort dressing.
Net proft was up 41 percent to 1.8 billion euros.
EBITA increased 30 percent to 4 billion euros, and the company took a write-down provision for of 216 million euros related to closing stores in Russia, where it had operated over 500 locations.
The company has accelerated the current-season inventory flow in order to increase product availability, and increased inventory in the first half of the year up 43 percent. The company is present in 215 markets and opened new stores in 24 new markets in the first-half as part of its continued growth plan.
Europe remains the company's strongest market, while the U.S. is now the second largest and a main growth target for the company.
Online sales growth is particularly strong, rising to 30 percent of its sales mix. In a call with analysts after the results were released, Macieras said that the company's policy of charging for online returns had not affected sales, and in fact increased returns to stores where they could be integrated into the inventory.
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Source: https://finance.yahoo.com/news/zara-parent-inditex-continues-climb-071349232.html?fr=sycsrp_catchall
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