On the Madrid Stock Exchange, Inditex’s share price advanced 4.68% at 11:25 GMT, in a stable market (-0.03%). The textile group expects online sales to reach 30% of the total in 2024.įigures from the “beginning of the second quarter” show that “the spring-summer collections had an excellent response,” said the group, whose sales increased by 17% between May 1 and June 5. Online sales, however, fell by 6%, a drop that is explained by the spike in internet sales at the beginning of 2021, in the midst of the Covid pandemic. These results are more or less in line with the expectations of the analysts consulted by the financial information provider Factset, who projected an average of 6,270 million euros in turnover and 770 million euros in profits. The group did not value then how this measure would impact its sales, but analysts predicted consequential effects, since 10% of Inditex’s income is registered in this country.Īccording to the company, the cessation of sales in Russia was offset by “strong growth” in activity in other regions, especially in the United States. The textile giant, owner of eight brands, including Stradivarius, Bershka and Massimo Dutti, announced in early March the suspension of its activities in its 502 stores in Russia, one of its main markets after Spain. ![]() ![]() Turnover reached, on its side, 6,740 million euros, which represents an increase of 36% in one year. Without this, the benefit would have reached almost “940 million euros” (US$1,000 million), it says in the statement. ![]() According to Inditex, directed since the beginning of April by Marta Ortega, daughter of the tycoon and founder of the group, Amancio Ortega, the figure for the first quarter was reached despite the fact that the group had to provision US$230 million due to the war in Ukraine.
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