Sales and profits records broken for Inditex clothing chain’s first quarter

More broken sales and profits records for Inditex clothing chain's first quarter

INDITEX: Earnings rose by 54 per cent during Zara owner’s first quarter Photo credit: Flickr/CCOO Services

INDITEX earned a record €1.2 billion during the first quarter of the company’s fiscal year, 54 per cent more than during the same period in 2022.

Earnings before interest, taxes, depreciation and amortisation (Ebitda) increased by 14 per cent to €2.2 billion.  Earnings before interest and taxes rose 43 per cent to €1.5 billion, while profits before tax have risen by 52 per cent to €1.5 billion.

The Galicia-based clothing giant, which owns the Zara, Massimo Dutti and Bershka labels amongst others, pointed out that this year’s results were especially buoyant, bearing in mind that last year’s first quarter figures had included a €216 million provision for Russia and Ukraine.

“The Spring-Summer collections continue to be very well received by our customers,” the Inditex interim report revealed. “Store and online sales between  May 1  and June 4 have also increased by 16 per cent compared with the same two months in 2022.”

The Board of Directors will propose a dividend of €1.20 per share for the 2022 fiscal year at the Annual General Meeting to be held next July.

The first interim payment of €0.60 per share was made on May 2 this year and the final dividend payment will be paid on  November 2, Inditex announced.

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at