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Inditex 3Q results

By FashionUnited

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Spanish fashion retailer Inditex is committing to the incorporation of the Recommendations of the Unified Good Governance Code and their net sales rose with 17% for the first nine months of 2007 as compared to last year. Inditex known for its Zara brand, committed in 2003 and 2004 for the last time to the incorporation of the Recommendations of the Unified Good Governance Code. The Board of Directors of Inditex resolved their difficulties and are taking a small step forward towards Good Governance with incorporating the Recommendations in regards to the Transparency Act and the Aldama Report, which aims to foster transparency and security in the markets.

Inditex' net sales went up to Euro 6,633 million, due to an increase in both selling area and like-for-like sales. The operating income of Inditex rose with 27% to reach Euro 1.114 million. The net income grew by 30% to Euro 825 million, representing Euro 1.33 as EPS. The gross profit rose with 19%. The rising numbers are mainly the result of Inditex its increasing selling area in 184,000m2, with launching 411 new stores in Europe of which 77% of the total number of openings has a particular relevance. Especially the shop openings in Russia and China contributed to the positive results. This growth created 10,3077 new jobs over the last twelve months, and the total number of staff members reached 76,087 employees on 31st October.

Inditex