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Inditex 9-month Profit Rises; Sees LFL Sales Growth In FY19

Spanish fashion retailer Industria de Diseño Textil SA (IDEXF.PK) or Inditex reported Wednesday that its nine-month net profit increased 12 percent to 2.72 billion euros from last year's 2.44 billion euros.

The net profit figure included the impact of the new lease accounting standard, IFRS 16, without which growth would have been 9 percent.

EBIT increased 16 percent from last year to 3.55 billion euros, and EBITDA climbed 45 percent to 5.70 billion euros. From 3.93 billion euros a year ago.

Inditex's net sales climbed 7.5 percent to 19.82 billion euros from prior year's 18.44 billion euros, underpinned by growth across all brands and regions.

Gross profit grew 8 percent, reflecting a gross margin of 58.2 percent, up 21 basis points.

Looking ahead, the company estimates like-for-like sales growth of 4 percent to 6 percent in fiscal year 2019.

Further, the Board of Directors has agreed to appoint Anne Lange as a Director.

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