Press releases
Inditex Annual General Meeting of Shareholders
Shareholders at the Annual General Meeting approved the 2009 financial statements and the distribution of €748 million in dividends, 14% more than last year.
The 2009 earnings performance reflects satisfactory sales growth and the continued progress in the Group’s international expansion, with 98% of all new stores opened outside Spain.
At his presentation at the AGM, Inditex’s Deputy Chairman and CEO, Pablo Isla, highlighted the achievements under the Strategic Environmental Plan 2007-2010 and unveiled the new ‘Sustainable Inditex, 2011-2015’ Program.
Wrapping up his presentation, Pablo Isla underscored confidence in the Inditex business model and its clear strategic focus on international expansion, currently targeted at European and Asian markets.
Inditex’s Deputy Chairman confirmed that online shopping at Zara would go live this September, and also announced the Group’s entry into two new markets in 2011: Australia and South Africa.
At the Annual General Meeting held today at the Group’s headquarters in Arteixo (A Coruña, Spain), the Company’s shareholders approved the 2009 financial statements and the distribution of a dividend of €1.20 per share. Shareholders already received a before-tax interim dividend of €0.60 per share on 3 May 2010. The final dividend of €0.60 per share will be payable from 2 November 2010. The total dividend payout from 2009 profits comes to €748 million.
Pablo Isla, Deputy Chairman and CEO of Inditex, highlighted the company’s satisfactory sales performance in 2009, with sales at constant exchange rates climbing 9% to €11,084 million. Net income at Inditex rose 5% to €1,314 million.
In 2009 the Group opened 343 new stores, 98% of which in international markets, adding 167,819m2 of new retail surface area to bring the total at 31 January 2010 to 2,348,708m2. Last year Inditex opened its first stores in Syria while in the early months of 2010 it has entered the Kazakhstan, Bulgarian and Indian markets, bringing the total number of markets in which the Group is present to 77. The Company plans to open its first stores in Australia and South Africa in 2011.
‘Sustainable Inditex, 2011-2015’
In his speech to the Company’s shareholders, Pablo Isla unveiled the new environmental program, ‘Sustainable Inditex, 2011-2015’. Following the culmination of the 2007-2010 Plan, the new initiative is designed to consolidate and increase environmental standards, guided by ambitious targets in terms of cutting direct carbon emissions as well as those deriving from industrial supplier activity.
The widespread roll-out of the eco-efficient store hit several milestones in 2009, including the registration of LEED certification for the Zara and Zara Home store in Portal de l’Àngel (Barcelona), the first of its kind in Europe, the Class A energy efficiency rating awarded to the Massimo Dutti store located on the Diagonal (Barcelona) and the registration of Breeam certification for the Oysho store in the Rivoli district of Paris.
Inditex plans to inaugurate another store in Rome (on Via del Corso) that will apply for the highest level of LEED certification in 2010. Under the scope of the new plan it also plans to introduce more stringent eco-efficient standards for lighting, climatisation, water consumption, material usage, recycling and waste management on all new builds and store refurbishment projects. With regards to logistics front, the new program calls for further optimisation of distribution routes, the addition of more fuel-efficient vehicles and the reduction of logistics packaging materials.
Social responsibility
Touching upon Inditex’ corporate social responsibility record, Pablo Isla outlined the policy framework and the tools required to implement strategy, emphasising the implementation of the Code of Conduct for Manufacturers and External Workshops. Inditex had 1,237 suppliers at the end of 2009 and carried out a total of 1,302 social audits during that year.
Inditex’ CEO also referred to the achievements under the scope of its for&from workplace integration initiative and to the emergency relief programs put into action in 2009 in Indonesia and Haiti.