Inditex SA (IDEXF.PK), a Spanish clothing firm, on Wednesday reported that its first-quarter net income increased 10.8 percent to 1.29 billion euros from last year's 1.17 billion euros.
Earnings per share were 0.416 euro, up from 0.375 euro last year.
Profit before tax grew 11.1 percent from the prior year to 1.7 billion euros, while EBIT increased 10.3 percent to 1.6 billion euros and EBITDA grew 8 percent to 2.4 billion euros.
Sales went up 7.1 percent to 8.15 billion euros from prior year's 7.61 billion euros. Sales in constant currency grew 10.6 percent.
Further, Inditex said its Board of Directors will propose to the Annual General Meeting on July 9 a dividend for FY2023 of 1.54 euros per share. The final dividend payment will be made on November 4.
Regarding the current trading, the company said its store and online sales in constant currency between May 1 and June 3 increased 12 percent versus the same period in 2023.
Looking ahead for fiscal 2024, Inditex expects a stable gross margin, plus or minus 50 basis points, and a negative 2 percent currency impact on sales at current exchange rates.
The company said it continues to see strong growth opportunities, and is developing several initiatives in all key areas for the coming years.
The growth of annual gross space in the period 2024-2026 is expected to be around 5 percent.
Further, in view of the strong future growth opportunities, Inditex said it is implementing a logistics expansion plan in 2024 and 2025.
At the upcoming Annual General Meeting, the Board will propose the renewal of Baroness Denise Kingsmill and the appointment of Belen Romana García as independent board members.
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