Continuing to set new standards, Inditexregistereda 10.8 per cent rise in net profit increased to €1.294 billion during the first quarter of FY24.The company’s revenue for the quarter increased by 7.1 per cent rise to €8.15 billion.
Continouslyoptimisingits store network, Inditex is identifying new opportunities to boostgrowth across all concepts within Spain, states Oscar Garcia Maceiras, CEO. Moreover, the company achieved strong global sales across both physical and online channels during the quarter, emphasisesMaceiras.Its sales grew by 10.6 per cent during the quarter.
Besides enhancing product offerings, Inditex continues to optimise its store network through strategic new openings and refurbishments in prime locations across each market,elaborates Maceiras. In the current fiscal year, the company plans to invest around €1.8 billion in store expansion. It also plans to invest €900 million annuallyin enhancing its logistics capacity.
In Q1, FY24, the group reported a net increase in its store count for the first time since 2021. This included six net openings, in contrast to the 14 net closures reported in the first quarter of the previous year. By the Q1, FY24-end, the company was present in 5,698 stores in 214 international markets.
The company anticipates its gross retail space to grow by 5 per cent annually through 2026. Recently, the group has inaugurated its first stores in Uzbekistan and reopened 48 stores in Ukraine.
Chaired by Marta Ortega, the group also highlighted significant initiatives such as the launch of Massimo Dutti on the Chinese e-commerce giant JD.com and the rolling out of innovative security technology to eliminate traditional alarms.
