Inditex shares hit record high amid strong earnings – Kommersant
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Share quotes of Inditex, which owns the Zara, Bershka, Massimo Dutti and other chain stores, reached a record high of €38.95 at the beginning of Wednesday trading. The growth is due to successful reporting, a message about the growth of Christmas sales and an upward revision of the forecast for the whole of 2023.
According to financial report Spanish company, pre-holiday sales (over the past six weeks) were up 14% compared to last year. At the end of the first nine months of the year, revenue grew by 11% and reached €25.6 billion, and net profit increased by 32.5% compared to the same period last year, to €4.1 billion.
Taking into account the latest financial results, the company has improved its own forecast for the end of the year. Whereas Inditex management previously expected profit margins to remain at the same level as in 2022, they now expect this indicator to increase by 75 basis points. Based on the results of nine months, it amounted to 59.4%, which is 0.7% better than last year’s figure.
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