Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Zara-owner Inditex upbeat on strong results
(Sharecast News) - Shares in Inditex sparked on Wednesday, after the Spanish fashion giant said 2024 had got off to a strong start. The owner of Zara, Pull&Bear and Bershka, among others, said its spring/summer 2024 collections had been well received by customers, with total sales in the six weeks to 11 March up 11% year-on-year between 1 February and 11 March.
The world's biggest retailer also announced plans to spend €900m a year expanding logistics capabilities in 2024 and 2025, "in view of the strong future growth opportunities".
Inditex said it had a "strong commitment to profitable growth" and expected annual gross space to grow by around 5% between 2024 and 2026.
Inditex currently has just under 5,700 stores in around 90 countries.
As at 1000 GMT, the stock had put on 5%.
The update came as Inditex posted fourth-quarter sales of €10.4bn, up 8.6% year-on-year and an improvement on the 6.6% growth seen in the previous three months. Net profits rose nearly 24% to €1.3bn, marginally ahead of expectations.
In the year to 31 January, net sales were €35.9bn, up 10% or by 14% in constant currencies. The retailer said it had seen sales growth across all geographies and concepts during the year.
Annual earnings before interest, tax, depreciation and amortisation jumped 14% to €9.9bn, while net income surged 30% to €5.4bn.
Oscar Garcia Maceiras, chief executive, said: "Inditex's performance in 2023 has been excellent. Our teams have been able to take advantage of the opportunities to keep growing profitability.
"We are investing to drive future growth and continue to offer an attractive remuneration to shareholders."
Jefferies noted: "The fourth-quarter results and current trading confirm just how much stronger than the rest of its peer group Inditex has become."
Inditex is majority-owned by the family of Amancio Ortego, its billionaire founder.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.