Press releases
Inditex’s sales rose by 12% in the first quarter of fiscal year 2008
* Net income rose by 10%, to 219 million euros
* From 1st February to 8th June, store sales in local currencies increased by 14%
* Net sales reach 2,218 million euros
* Inditex opened 145 new stores as at the end of the quarter; currently is present in 70 countries with 3,890 stores
Net sales of the Inditex Group for the first quarter of fiscal year 2008 were 12% higher than the same period in 2007 in local currencies and constant perimeter.
Net income during the first quarter rose to 219 million euros, a 10% increase as compared to the same period a year earlier. Gross margin reached 1,282 million euros, 11% higher than the same period the previous year, representing 57.8% on sales versus 56.4% during the first quarter of fiscal year 2007.
Throughout the first quarter of fiscal 2008, the Group has launched 145 stores, among which the entry into the Korean market may be underscored. In the same period of the previous year, the Group opened 114 stores. Currently, the Group is present in 70 countries and has 3,890 stores. Between 560 and 640 net openings are slated to take place during the whole FY2008 and CAPEX is estimated at around 1,000 million euros.
| Key figures (First Quarter FY2008) |
| (million of euros) | 1Q 2008 | 1Q 2007 | Var 08/07 |
| Sales | 2,218 | 2,039 | 9% (*) |
| Gross Profit Gross margin | 1,282 57.8% | 1,150 56.4% | 11% |
| EBITDA | 425 | 397 | 7% |
| EBIT | 295 | 281 | 5% |
| Net profit | 219 | 200 | 10% |
| EPS (euro cents) | 35 | 32 | 10% |
(*) 12% in local currencies and constant perimeter
| Net openings | 145 | 114 | - |
| No. stores as at end of period | 3,836 | 3,245 | - |
During the first six weeks of the second quarter of 2008, sales performance is according to Management expectations. Store sales in local currencies have increased by 14% from 1st February to 8th June 2008.