Inditex net profit announced 760 million € In the first quarter of the 2022-2023 fiscal year (February 1 to April 30) 80% increase Compared to the previous year, thanks to the “strong” study performance the group reported on Wednesday and the first results were announced. with Martha Ortega in front of the presidency.
The company has decided to set aside a provision for this. corresponding to all expenses arising from the situation of 216 million euros Ukraine and Russia.
This provision is recorded in the “other results” line and without it the net profit would reach 940 million euros.
this sales increased 36%Up to €6,742 million was supported by the “strong” recovery of in-store traffic and the good reception of the collections of the group’s seven brands.
Inditex has highlighted growth was “solid” To covid-19 in all geographic regions, excluding markets such as Ukraine and Russia, where the group’s stores and online platform were temporarily closed from February 24 and March 5, respectively, or China, where 67 relevant stores were closed.
United States of America “remarkable” continues to grow and consolidates itself as the group’s second largest market.
Also, according to the company, online sales “continues to show strength”It almost completely consolidates the 67% growth recorded in the first quarter of 2021, although it is 6% lower than the same period last year.
Inditex CEO Óscar García Maceiras pointed out that these results are the result of “a differentiated model that is fully functional.”
“The strength and adaptability of the business model and the solid performance of our creative, commercial and operational teams deepen the differentiation of our offering with a distinct direction. innovation, digitalization and sustainability“, added.
Gross profit margin on sales reached 60.1%, the highest level in the last ten years, with operating expenses growing 24% below the increase in sales.
Gross operating result (Ebitda) increased 55% to €1,917 million, and net operating result (Ebit) increased 82% to €1,034 million.
Likewise, the Group continues to match its continued reinvestment in business growth with strong cash-generating capacity that places its net financial position at €9,189 million, 28% higher.