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4-Traders Homepage  >  Equities  >  Bolsa de Madrid  >  Inditex SA    ITX   ES0148396007

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Inditex 1Q Net Profit Up 30% As Gross Margin Inches Higher

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06/13/2012 | 07:59am CET
   By David Roman 

MADRID--Inditex SA (>> Inditex SA), the owner of fast-fashion pioneer Zara, Wednesday posted a strong 30% rise in net profit for its first quarter, driven by continued expansion in emerging markets.

The world's largest fashion retailer by sales, based in La Coruna, Spain, said net profit for the three months ended April 30 was EUR432 million, up from EUR332 million a year earlier. Analysts had expected net profit to come in at EUR379 million, according to FactSet.

Sales increased 15% to EUR3.42 billion, boosted by new store openings, while its gross margin rose to 60.2% from 58.8%. Inditex said it opened 464 new stores in the quarter, and had 5,618 stores in 84 countries as of April 30.

Because of its global expansion drive--the company has opened more than a store a day, on average, in recent years--Inditex is becoming less reliant on sales in Spain, now accounting for around a quarter of the total.

In contrast, it is expanding rapidly in the fast-growing markets of Asia and Latin America. In March the company said it expects to have 425 stores across China by the end of the year. Inditex and Swedish rival Hennes & Mauritz AB (HM-B.SK) are increasingly dominating the global fashion retail market. H&M in March posted continued profit growth and said it aims to expand its global store chain by 10% to 15% a year. H&M is due to report its second-quarter earnings on June 20.

Competitors such as Gap Inc. (GPS) are struggling to keep pace with the front two. The U.S. retailer last month posted unchanged first-quarter profit compared with a year earlier.

Inditex shares closed Tuesday at EUR67.58, valuing the company at EUR42.2 billion.

Write to David Roman at david.roman@dowjones.com

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Stocks mentioned in the article : Inditex SA
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Financials (€)
Sales 2017 23 306 M
EBIT 2017 4 078 M
Net income 2017 3 194 M
Finance 2017 5 010 M
Yield 2017 2,20%
P/E ratio 2017 29,43
P/E ratio 2018 25,60
EV / Sales 2017 3,82x
EV / Sales 2018 3,37x
Capitalization 94 138 M
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Mean consensus OUTPERFORM
Number of Analysts 33
Average target price 35,8 €
Spread / Average Target 18%
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Pablo Isla Álvarez de Tejera Chairman & Chief Executive Officer
José Ignacio Fernández Chief Financial Officer
Gabriel Moneo Marina Chief Information Technology Officer
Amancio Ortega Gaona Non-Executive Director
Carlos E. D. L. M. Bernaldo de Quirós Director
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