Inditex has started the year very strongly, with sales up 13 % and net profit even up 54 %. Now the owner of brands like Zara and Pull&Bear wants to focus on its fashion offering, sustainability and customer experience.
Despite the basis of comparison (2022) being already a very strong year, 2023 has also started under good auspices for Inditex. The Spanish giant reached a first quarter net profit of 1.16 billion euros, significantly more than analysts had expected. Sales rose 13 % to 7.6 billion euros, thanks to “a very satisfactory development” both in shops and online.
The new collections were well received, the fast-fashion giant reported. Sales grew in all geographical areas and in all the group’s chains. Inditex calls it an asset that it can produce and source closer to home mid-seasons.
Further growth is on the horizon for the rest of the year. Indeed, excluding currency effects, sales were already up 16 % between 1 May and 4 June. In May, flagship Zara also launched in Cambodia, opening its first physical shop and an online store.
Inditex continues to see strong growth opportunities in the future. The top priorities now include improving the fashion offering, customer experience and sustainability, while retaining talent is the fourth strategic pillar. “To take our business model to the next level and further expand our differentiation, we are developing several initiatives in all key areas for the coming years”, the fashion giant added.